GlobeNewswire Inc | May 20, 2021 10:20AM EDT

May 20, 2021

NEW YORK, May 20, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against ContextLogic Inc. (ContextLogic) (NASDAQ: WISH) in the United States District Court for the Northern District ofCaliforniaon behalf of those who: (1) purchased or otherwise acquired publicly traded ContextLogic securities between December 16, 2020 and May 12, 2021, inclusive (the "Class Period"); and/or (2) purchased or otherwise acquired ContextLogic common stock pursuant and/or traceable to the offering documents issued in connection with the Companys initial public offering conducted on or about December 16, 2020 (the IPO or Offering).

The Complaint alleges that the Offering documents and Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Companys fourth quarter 2020 monthly active users (MAUs) had declined materially and were not then growing; and (2) as a result of the foregoing, Defendants materially overstated the Companys business metrics and financial prospects. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of ContextLogic during the Class Period should contact the Firm prior to the July 16, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.