Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Tuesday, May 12, 2015
Faruqi & Faruqi Alert: Endurance International Group Holdings, Inc.
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Endurance International Group Holdings, Inc. To Contact The Firm - EIGI
Faruqi & Faruqi, LLP, a leading national securities law firm, notifies investors in Endurance International Group Holdings, Inc. (“Endurance” or the “Company”) (NASDAQ: EIGI) of the July 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Endurance and certain executives.
A complaint has been filed in the District of Massachusetts on behalf of all persons who purchased Endurance securities from November 4, 2014 through April 27, 2015 (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the Company made false and/or misleading statements and/or failed to disclose that (i) Endurance overstated its 2014 Average Revenue per Subscriber and organic growth rate and (ii) the Company had engaged in irregular accounting practices in connection with its international business.
On April 28, 2015, a report was published by Gotham City Research LLC alleging that 40-100% of Endurance’s reported profits were suspect, the Company used related parties to inflate earnings, and that there were various accounting irregularities in connection with Endurance’s international business, among other things.
Following this news, the price of the Company’s stock declined by $2.24 per share, or over 10%, to close at $19.70 on April 28, 2015.
If you invested in Endurance stock or options during the Class Period and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.