FARFETCH SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Farfetch To Contact Him Directly To Discuss Their Options

On August 17, 2023, Farfetch issued a press release announcing its Q2 2023 financial results.  Among other items, Farfetch reported revenue of approximately $572 million, significantly less than the market consensus of $650.71 million.  Farfetch also issued an FY 2023 revenue forecast of approximately $2.5 billion, compared to the average analyst estimate of $2.8 billion and the Company's prior FY 2023 revenue forecast of $2.9 billion.

That same day, Farfetch held a conference call with investors and analysts to discuss the Company's Q2 2023 results.  During that call, Company management disclosed that significant slowdowns in growth in the U.S. and China, onboarding challenges affecting the launch of the Reebok partnership, and issues with inventory and shipping had negatively impacted Farfetch's revenue and GMV for the quarter, as well forced the Company to rein in expectations for FY 2023.

Then, on August 18, 2023, media outlets reported that multiple analysts had downgraded Farfetch based on its poor Q2 2023 results and disappointing guidance for FY 2023.

Following these developments, Farfetch's Class A ordinary share price fell $2.15 per share, or 45.17%, to close at $2.61 per share on August 18, 2023.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Farfetch's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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SOURCE Faruqi & Faruqi, LLP