Waitr Holdings Inc. (NASDAQ: WTRH) Investor Securities Class Action Lawsuit 09/27/2019

If you purchased a significant amount of shares of Waitr Holdings Inc. (NASDAQ: WTRH) between May 17, 2018 and August 8, 2019, and / or if you purchased any NASDAQ: WTRH shares prior to May 2018and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: November 26, 2019. NASDAQ: WTRH investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Waitr Holdings
Case Name: 
Waitr Holdings Shareholder Class Action Lawsuit 09/27/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: WTRH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/26/2019
Class Period Begin: 
05/17/2018
Class Period End: 
08/08/2019
Court of Filing: 
U.S. District Court for the Western District of Louisiana
Deadline To File for Lead: 
11/26/2019
Summary: 

An investor in shares of Waitr Holdings Inc. (NASDAQ: WTRH) filed a lawsuit in the U.S. District Court for the Western District of Louisiana over alleged violations of Federal Securities Laws by Waitr Holdings Inc., f/k/a Landcadia Holdings, Inc. in connection with certain allegedly false and misleading statements made between May 17, 2018 and August 8, 2019.

Lake Charles, LA based Waitr Holdings Inc. provides online food ordering and delivery services in the Southeastern United States. On August 8, 2019, after the market closed, Waitr Holdings Inc revealed its financial and operational results for the second quarter of 2019, including: lowered guidance for fiscal year 2019; the resignation of its CEO, co-Founder Christopher Meaux, effective immediately; that its integration of BiteSquad.com, LLC, acquired in January 2019, was not proceeding according to plan; that the Company was laying off personnel; and that losses were far higher than previously anticipated.

Shares of Waitr Holdings Inc. (NASDAQ: WTRH) declined from $14.77 per share in March 2019 to as low as $1.21 per share on October 2, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Waitr Holdings Inc. (NASDAQ: WTRH) common shares between May 17, 2018 and August 8, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that the defendants pursuant or traceable to Waitr’s November 2018 going public transaction with Landcadia, in its May 2019 SPO, and between May 17, 2018 and August 8, 2019made false and/or misleading statements and/or failed to disclose that the Company was not on the verge of profitability, that it was not true that the Company was providing its services at a sustainable low take rate established at 15%, that it was not true that Waitr was able to extract efficiencies from its full time fixed-rate labor force that was purported to allow the Company to offer its services at a lower rate than competitors, that its software provided little or no competitive advantages and what first-mover advantage the Company claimed existed, was quickly squandered by the inability to obtain sophisticated high-level programmers and software engineers who could enable Waitr to refine and develop the software necessary to stay competitive in its market, that it was not true that Waitr maintained an adequate system of internal controls so as to report and eliminate material conflicts of interest, and that as a result, Waitr’s public statements were materially false and misleading at all relevant times