Click here to close now.

Welcome!

News Feed Item

SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action against Weight Watchers International, Inc. and Certain Officers - WTW

NEW YORK, April 25, 2014 /PRNewswire/ -- Pomerantz LLP announces the filing of a class action lawsuit against Weight Watchers International, Inc. ("Weight Watchers" or the "Company") (NYSE: WTW) and certain of its officers.  The class action, filed in United States District Court, Southern District of New York, and docketed under 14-cv-2216, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Weight Watchers between February 14, 2012 and October 30, 2013, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Weight Watchers securities during the Class Period, you have until May 20, 2014, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Weight Watchers provides weight management services in North America, the United Kingdom, Continental Europe, Australia, New Zealand, and internationally. 

The Complaint alleges that the defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose adverse facts, including that: (a) Weight Watchers was experiencing execution issues which were causing it to miss its internally forecasted financial plan; (b) Weight Watchers was experiencing a significant drop in its North America and United Kingdom meeting attendance figures; and (c) Weight Watchers was facing increased competition from free weight-loss apps and its enrollment was being negatively impacted. As a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Weight Watchers, its revenues, earnings, prospects and business.

On February 14, 2012, Weight Watchers announced results for its fourth quarter and full-year 2011, and provided full-year 2012 earnings guidance. In addition, Weight Watchers announced that it planned to launch a "modified Dutch auction" tender offer the following week for up to $720 million of its common stock with a price range between $72 and $83 per share, and that it separately had agreed to purchase shares held by its controlling shareholder, Artal Group, S.A. ("Artal"), at the same price paid in the tender offer. The tender offer closed on March 22, 2012.   Earlier that month,  defendants David Kirchhoff and Ann Sardini exercised large quantities of options in the $42-$53 per share range, and sold large quantities of Weight Watchers shares on the open market for $80-$82 per share. On March 22, 2012, they also tendered shares to the Company for $82 per share. Combined, Kirchhoff and Sardini received gross proceeds on shares sold of approximately $11 million.

On April 9, 2012, per the terms of the tender offer, Artal sold 9.5 million shares at $82 per share, for total proceeds of $779 million.

On May 2, 2012, the Company announced its results for its 2012 first quarter - the period ended March 31, 2012, just nine days after the tender offer closed - and revised downward its full-year 2012 earnings guidance that it had previously provided on February 14, 2012.   Defendant Kirchhoff attributed the disappointing results to "execution issues."

On this news, the price of Weight Watchers common stock fell 18%, from $76.01 per share on May 2, 2012, to close at $62.29 per share on May 3, 2012.

On February 13, 2013, Weight Watchers issued a press release announcing its fourth quarter 2012 financial results and provided disappointing full-year fiscal 2013 earnings guidance that widely missed Thomson Reuters' consensus estimate.

On this news, the price of Weight Watchers common stock plummeted 17%, from $54.11 per share on February 13, 2013, to close at $44.91 per share on February 14, 2013.

On October 30, 2013, Weight Watchers announced its results for the third quarter of fiscal 2013, disclosing that year-over-year quarterly revenues had declined 8.5%, and that quarterly net income had decreased by 10.5% and fully-diluted quarterly earnings per share had declined 11.2% from the same period the prior year. In addition, Weight Watchers announced that it had indefinitely suspended its dividend, which it had paid regularly since 2006.

On this news, Weight Watchers stock fell $7.81 per share, or over 19%, from a close of $39.92 per share on October 30, 2013, to close at $32.11 per share on October 31, 2013.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]

SOURCE Pomerantz LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Media announced today that CloudBees, the Jenkins Enterprise company, has launched ad campaigns on SYS-CON's DevOps Journal. CloudBees' campaigns focus on the business value of Continuous Delivery and how it has been recognized as a game changer for IT and is now a top priority for organizations, and the best ways to optimize Jenkins to ensure your continuous integration environment is optimally configured.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
"The idea of polyglot persistence is you have to apply the right database for the job - you always have to have many different databases in play. We offer that whole system as a service," explained Raj Singh, Developer Advocate for IBM Cloud Data Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In his session at 16th Cloud Expo, Simone Brunozzi, VP and Chief Technologist of Cloud Services at VMware, reviewed the changes that the cloud computing industry has gone through over the last five years and shared insights into what the next five will bring. He also chronicled the challenges enterprise companies are facing as they move to the public cloud. He delved into the "Hybrid Cloud" space and explained why every CIO should consider ‘hybrid cloud' as part of their future strategy to achie...
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ ...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...