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
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...