Expedia Inc (NASDAQ: EXPE) Investor Securities Class Action Lawsuit 08/27/2013

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Company Name(s): 
Expedia
Case Name: 
Expedia Shareholder Class Action Lawsuit 08/27/2013
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: EXPE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/27/2013
Class Period Begin: 
07/27/2012
Class Period End: 
07/25/2013
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
10/28/2013
Case Dismissed: 
03/28/2014
Summary: 

March 28, 2014 - Parties filed a stipulation of voluntary dismissal with prejudice.

January 13, 2014 - The lead plaintiff was appointed and all cases were consolidated.

August 27, 2013 - An investor in shares of Expedia Inc (NASDAQ: EXPE), filed a lawsuit in the U.S. District Court for the Western District of Washington against Expedia Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 27, 2012 and July 25, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of Expedia Inc (NASDAQ: EXPE) between July 27, 2012 and July 25, 2013, that Expedia Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between July 27, 2012 and July 25, 2013, defendants issued materially allegedly false and misleading statements regarding Expedia Inc’s business and prospects, including the impact that spinning off TripAdvisor would have on Expedia Inc’s revenues and profits and that as a result of defendants’ alleged false statements and/or omissions, Expedia Inc’s stock traded at artificially inflated levels between July 27, 2012 and July 25, 2013.

Expedia Inc reported that its annual Total Revenue rose from over $3.44 billion in 2011 to over $4.03 billion in 2012 while its Net Income declined from $472.29 million in 2011 to $280.17 million in 2012.

Shares of Expedia Inc (NASDAQ: EXPE) grew from $31.94 per share in April 2012 to $67.27 per share in February 2013.

Then on July 25, 2013, Expedia Inc announced its second quarter 2013 earnings. Among other things, Expedia Inc reported that its second quarter Revenue rose from over $1.03 billion in 2012 to over $1.2 billion in 2013. However, its second quarter Net Income declined from $105.24 million in 2012 to $71.50 million in 2013.

Shares of Expedia Inc (NASDAQ: EXPE) declined from $65.62 per share on July 25, 2013, to $46.026 per share on July 29, 2013.

On August 27, 2013, Expedia Inc (NASDAQ: EXPE) shares closed at $46.96 per share.