Girard Gibbs LLP is investigating claims on behalf of investors of
Shopify Inc. (NYSE:SHOP) regarding possible violations of federal
securities laws or other unlawful business practices. Investors who
purchased shares of Shopify prior to October 4, 2017 may be affected.
Shopify investors who want to learn more about this class action
lawsuit investigation, click
here.
On October 4, 2017, Citron Research published a report questioning the
sustainability of Shopify’s user growth and asserting that the company’s
marketing practices violate Federal Trade Commission (FTC) rules. The
report specifically references marketing material and promotions
distributed by Shopify that called it “the online store for someday
millionaires” and claim that members can quit their jobs and become
millionaires. The Citron report compared Shopify’s business practices to
those of Herbalife, which recently paid $200 million to settle Federal
Trade Commission charges and agreed to an order “prohibit[ing] Herbalife
from misrepresenting distributors’ potential or likely earnings.”
Following this news, the share price of Shopify plummeted more than
11.5% to close at $103.30 on October 4, 2017.
If you purchased or acquired shares of Shopify and would like to speak
privately with a securities attorney to learn more about the
investigation and your legal rights, visit our website
or contact the securities team directly at (800) 254-9493.
Girard Gibbs LLP is one of the nation’s leading firms representing
individual and institutional investors in securities
litigation to correct abusive corporate governance practices,
breaches of fiduciary duty, and proxy violations. The firm has recovered
over a billion dollars for its clients against some of the world’s
largest corporations, and has earned Tier-1 rankings and been named in
the U.S.
Lawyers – Best Law Firms list for five consecutive years.
This press release may constitute Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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