According to the lawsuit, defendants made materially false and misleading statements regarding Farfetch’s business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that:
- Farfetch was experiencing a significant slowdown in growth in the U.S. and China;
- Farfetch also faced onboarding challenges impacting the launch of its Reebok partnership;
- Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory;
- all the foregoing was having a significant negative impact on Farfetch’s revenue and gross merchandise value (“GMV”) growth;
- accordingly, Farfetch was unlikely to meet market expectations for its Q2 2023 financial results or its own FY 2023 revenue guidance; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
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