Poshmark, Inc. (POSH)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Poshmark, Inc. ("Poshmark” or "the Company") (NASDAQ: POSH). The investigation concerns whether Poshmark and certain of its officers and/or directors have violated federal securities laws.
On or around January 14, 2021, Poshmark conducted its initial public offering (“IPO”), selling 6,600,000 shares of common stock priced at $42.00. Then, on March 11, 2021, post-market, Poshmark issued a press release announcing the Company’s financial results for the fourth quarter and full year ended December 31, 2020. Although Poshmark announced net revenues of $69.3 million for the fourth quarter of 2020, exceeding analyst expectations, the Company’s revenue forecast for the first quarter of 2021 in the range of $75.5 million to $77.5 million fell short of analyst expectations. On this news, Poshmark’s stock price fell $11.83 per share, or 19.9%, to close at $47.63 per share on March 12, 2021. Since the IPO, Poshmark’s stock has closed as low as $45.13 per share, representing a total decline of more than 24% from the offering price.
If you are aware of any facts relating to this investigation, or purchased Poshmark shares, you can assist this investigation by visiting contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.