STEVENSON, Md., Oct. 30, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of Qurate Retail, Inc. ( QRTEA) (“Qurate” or the “Company”) securities during the period between August 5, 2015 and September 7, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until November 5, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Qurate securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Qurate was aggressively loosening the credit standards of its Easy-Pay program to attract a large group of new customers, its strong sales growth was due to this loose credit policy, and the accounts receivable associated with this new group of customers posed a high risk of a write-off.
According to the complaint, following an August 5, 2016 press release announcing significant headwinds and sales declines, and a September 8, 2016 announcement that the Company expects higher default rates, the value of Qurate shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Qurate securities purchased on or after August 5, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
[email protected]
