GlobeNewswire Inc | Jun 2, 2021 05:40PM EDT

June 02, 2021

SAN FRANCISCO, June 02, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges ContextLogic Inc. (NASDAQ: WISH) investors with significant losses to submit your losses now. A securities class action is pending and certain investors who purchased shares in the companys December 2020 IPO or on the open market may have valuable claims.

Class Period: Dec. 16, 2020 May 12, 2021Lead Plaintiff Deadline: July 16, 2021Visit:www.hbsslaw.com/investor-fraud/WISHContact An Attorney Now:WISH@hbsslaw.com 844-916-0895

ContextLogic Inc. (NASDAQ: WISH) Securities Class Action:

The complaint alleges that ContextLogics IPO registration documents materially overstated the companys business metrics and financial prospects. Specifically, the IPO registration documents touted ContextLogics exponential monthly active user (MAUs) growth, claiming its then108 million MAUs was a key driver of revenue growth.

In reality, by the time of its December 2020 IPO, ContextLogics MAUs had declined materially and the IPO registration documents failed to disclose this known trend reasonably likely to materially impact ContextLogics profitability.

On Mar. 8, 2021, Context reported disappointing 4Q 2020 and full year 2020 results, disclosing its MAUs had already declined 10% YoY during Q4 to 104 million.

Then, on May 12, 2021, ContextLogic announced poor Q1 2021 results, including another 7% drop in MAUs to just 101 million, and the company slashed sales guidance for Q2 2021.

These disclosures caused the price of WISH shares to decline sharply.

Were focused on investors losses and proving ContextLogic overstated MAUs and concealed known trends, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a ContextLogic investor and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding ContextLogic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email WISH@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895