CLASS ACTION UPDATE for IRBT, GRUB and HEXO: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

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NEW YORK, NY / ACCESSWIRE / December 3, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. To determine your eligibility and get free access to our shareholder support tools that provide you with case updates, automated loss calculations and claims recovery assistance, please contact the firm via the links below. There will be no cost or obligation to you.

iRobot Corporation (NASDAQ:IRBT)

IRBT Lawsuit on behalf of: investors who purchased November 21, 2016 – October 22, 2019
Lead Plaintiff Deadline : December 23, 2019
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/irobot-corporation-loss-form?prid=4698&wire=1

The filed complaint alleges that defendants misrepresented the reason for iRobot’s acquisitions of Tokyo-based Sales on Demand Corporation and privately-held Robopolis SAS, which was to control the Company’s largest distributors so that defendants could inflate sales and revenue figures by stuffing the channel. Defendants further misled investors by repeatedly telling them throughout the Class Period that the Company was seeing continued double-digit revenue growth, and by attributing the growth to increased demand for the Roomba vacuums, when in reality defendants were engaging in channel-stuffing to artificially boost sales. Defendants also misstated that the Company’s channel inventory levels had not changed and would not change dramatically from quarter to quarter or year over year, when in fact iRobot was deliberately stuffing the channel in order to claim false revenue growth.

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Grubhub Inc. (NYSE:GRUB)

GRUB Lawsuit on behalf of: investors who purchased July 30, 2019 – October 28, 2019
Lead Plaintiff Deadline : January 20, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/grubhub-inc-loss-form?prid=4698&wire=1

According to the filed complaint, during the class period, Grubhub Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) customer orders were actually declining, despite the massive investments that the Company had made to spur demand for and use of its platform; (ii) Grubhub’s new customer additions were generating significantly lower revenues as compared to historic cohorts because these customers were more prone to using competitor platforms; (iii) Grubhub’s vaunted business model under which it secured exclusive partnerships had failed, and Grubhub needed to engage in the same aggressive nonpartnered sales tactics embraced by its competitors to generate significant revenue growth; (iv) Grubhub was required to spend substantial additional capital in order to grow revenues and retain market share in the face of heightened competitive dynamics and market saturation, eviscerating the Company’s profitability; and (v) Grubhub was tracking tens of millions of dollars below its revenue and earnings guidance and such guidance lacked any reasonable basis.

HEXO Corp. (NYSE:HEXO)

HEXO Lawsuit on behalf of: investors who purchased January 25, 2019 – November 15, 2019
Lead Plaintiff Deadline : January 27, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/hexo-corp-loss-form?prid=4698&wire=1

According to the filed complaint, during the class period, HEXO Corp. made materially false and/or misleading statements and/or failed to disclose that: (1) HEXO’s reported inventory was misstated as the Company was failing to write down or write off obsolete product that no longer had value; (2) HEXO was engaging in channel-stuffing in order to inflate its revenue figures and meet or exceed revenue guidance provided to investors; (3) HEXO was cultivating cannabis at its facility in Niagara, Ontario that was not appropriately licensed by Health Canada; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

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