Lead Plaintiff Deadline is December 10, 2018  

NEW YORK, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces announces that a class action lawsuit has been filed against Stitch Fix, Inc. (“Stitch Fix” or the “Company”) (Nasdaq: SFIX) in the United States  District Court for the Northern District of California on behalf of a class  consisting of investors who purchased or otherwise acquired Stitch Fix securities between June 8,  2018  through October  1,  2018,  both dates  inclusive  (the  “Class Period”).

Investors who have incurred losses in the shares of Stitch Fix, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If   you   have incurred losses in the shares of Stitch Fix, Inc., you may, no later than December 10, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Stitch Fix, Inc.

According to the filed Complaint, defendants throughout the Class Period,   made false and/or misleading statements and/or failed to disclose that:

• Stitch Fix’s sales growth prospects were  not as positive as  stated because active  client growth had dramatically slowed;
   
• defendants had ceased running a television advertising campaign for  much of the  fourth quarter  of 2018; and 
   
• as a result, defendants’ statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On October 1, 2018, after the close of regular trading, Stitch Fix reported its Fourth Quarter 2018 financial results, which fell short of projected active client growth expectations. The Company disclosed that it  had signed up far fewer  than forecasted new active  clients during 4Q18, which  had ended more than two  months earlier, on July  28, 2018.

This disclosure shocked the market  by revealing  Stitch Fix’s  active client count  was  virtually flat,  coming  in  at 2.7  million. The Company’s active client growth actually had plummeted by 70% quarter-over-quarter,  falling  from  180,000  new  additions  in 3Q18  to  just 54,000 in 4Q18. This figure was lower than any prior reported quarterly growth since it  had first launched its television advertising campaigns  in 2017,  and well  below the 120,000 active clients added during 4Q17.

On October 2, 2018, the price of  Stitch Fix stock declined $15.69 per share (more than 35%), on unusually high volume of close to 40 million  shares traded. By the close of trading that day,   more  than  $600  million  in  market capitalization had been lost.

Wolf Haldenstein Adler Freeman & Herz LLP  has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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