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, NY -- (Marketwired) -- 05/09/14 -- 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 Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. 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 June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International 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 wait for long developm...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...