Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Expedia, Inc. (“Expedia” or “Company”) (NasdaqGS: EXPE). The firms are investigating additional legal claims against the officers and directors of Expedia during the period of July 27, 2012 and July 25, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Expedia and certain of its officers and directors were charged with violating provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that, among other things, defendants’ misrepresented and/or failed to disclose that: (a) following a spin-off, TripAdvisor had been directing a significant amount of lucrative web traffic to Expedia pursuant to an informal strategic partnership between the two companies that inured to the benefit of Expedia and to the detriment of TripAdvisor; (b) the lucrative web traffic directed to Expedia from TripAdvisor following the spin-off had been a material source of Expedia’s outsized revenues following the spin-off; (c) TripAdvisor would stop directing web traffic to Expedia in early 2013; (d) performance was failing at Expedia’s Hotwire unit; and (e) due to the above, defendants did not have a reasonable basis for their positive statements about the Company’s business prospects during the Class Period. According to the complaint, when the truth was made public, Expedia’s common stock fell abruptly.