Endurance International Group Hldgs Inc (NASDAQ: EIGI) Investor Securities Class Action Lawsuit 05/04/2015

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Company Name(s): 
Endurance International Group
Case Name: 
Endurance International Group Shareholder Class Action Lawsuit 05/04/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: EIGI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/04/2015
Class Period Begin: 
10/25/2013
Class Period End: 
12/16/2015
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
07/03/2015
Date Settled: 
01/02/2019
Settlement Amount: 
$18,650,000
Deadline to Participate in Settlement: 
05/31/2019
Summary: 

January 2, 2019 - The court preliminarily approved the settlement.

July 6, 2018 - Parties filed a stipulation of settlement.

August 29, 2017 - Defendants filed a motion to dismiss.

June 30, 2017 - The lead plaintiff filed a third amended complaint on behalf of investors who purchased Endurance International Group Hldgs Inc (NASDAQ: EIGI) common shares between October 25, 2013 and December 16, 2015, including persons and entities that purchased or acquired Endurance International Group Hldgs Inc (NASDAQ: EIGI) securities pursuant or traceable to the registration statement and prospectus issued in connection with the Company’s October 25, 2013 initial public offering. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between October 25, 2013 and December 16, 2015.

May 17, 2016 - Defendants filed a motion to dismiss.

March 18, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Endurance International Group Hldgs Inc (NASDAQ: EIGI) common shares between February 25, 2014 and February 29, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 25, 2014 and February 29, 2016.

December 8, 2015 - The plaintiff filed an amended complaint on behalf of investors who purchased Endurance International Group Hldgs Inc (NASDAQ: EIGI) common shares between February 25, 2014 and November 2, 2015. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 25, 2014 and November 2, 2015.

May 4, 2015 - An investor in shares of Endurance International Group Hldgs Inc (NASDAQ: EIGI) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Endurance International Group Hldgs Inc in connection with certain allegedly false and misleading statements made between November 4, 2014 and April 27, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Endurance International Group Hldgs Inc (NASDAQ: EIGI) common shares between November 4, 2014 and April 27, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose to investors that Endurance International Group Hldgs Inc overstated its 2014 Average Revenue per Subscriber and organic growth rate, that Endurance International Group Hldgs Inc engaged in irregular accounting practices related to its international business, and that, as a result of the foregoing, Endurance International Group Hldgs Inc’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Endurance International Group Hldgs Inc went public in October 2013.

On February 23 2015, Endurance International Group Hldgs Inc reported its 2014 fourth quarter and full year results. Endurance International Group Hldgs Inc reported that its annual total Revenue rose from $520.30 million in 2013 to $629.85 million in 2014 and that its Net Loss of 4159.19 million in 2013 declined to $42.84 million in 2014.

Shares of Endurance International Group Hldgs Inc (NASDAQ: EIGI) grew from $10.99 per share in early November 2013 to as high as $23.49 per share on April 23, 2015.

Then on April 28, 2015, Gotham City Research, LLC issued a report titled “Endurance International Group: A Web of Deceit”. In the report, Gotham City Research, LLC stated that 40%-100%+ of Endurance International Group Hldgs Inc’s reported profits are suspect, that Endurance International Group Hldgs Inc‘s organic growth was overstated and that Endurance International Group Hldgs Inc’s revenues per Indian filings are 30%-67% lower than reported in the United States.

Endurance International Group Hldgs Inc released a statement in response to the report released by Gotham City Research, LLC saying the claims in the report are baseless.

Shares of Endurance International Group Hldgs Inc (NASDAQ: EIGI) declined to as low as $15.82 per share on April 28, 2015.