The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Amazon.com, Inc. (NASDAQ: AMZN) who purchased common stock between July 30, 2021, and April 28, 2022. The action, which was filed in the United States District Court for the Western District of Washington, alleges that the Company violated federal securities laws.
In particular, the AMZN lawsuit alleges that 1) defendants knew or recklessly disregarded that the Company’s infrastructure and fulfillment network investments substantially outpaced demand; 2) those investments were a massive, self-imposed, undue drain on AMZN’s financial condition; 3) contrary to defendants’ public statements and undisclosed to investors, defendants had already implemented cutbacks to AMZN’s fulfillment capacity by July 2021; and 4) as a result of defendants’ misrepresentations and omissions, AMZN’s common stock traded at artificially inflated prices during the class period.
Shareholders have until September 6, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.