Robbins Arroyo LLP Is Investigating the Officers and Directors of RetailMeNot, Inc. (SALE) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of RetailMeNot, Inc. (NASDAQGS: SALE) breached their fiduciary duties to shareholders. RetailMeNot operates a digital coupon marketplace.
RetailMeNot Lowers Financial Guidance for the Fourth Quarter 2014
On November 3, 2014, RetailMeNot released its third quarter financial results and its fourth quarter financial guidance. Despite beating analysts’ expectations for the third quarter, RetailMeNot lowered its revenue expectations for the fourth quarter to between $84.7 million and $86.7 million, well below analysts’ previous estimate of $90.84 million. Further, the company announced that its Chief Financial Officer, Douglas C. Jeffries, was stepping down effective November 30, 2014, and that the company’s General Counsel and Secretary, Louis J. Agnese, will serve as interim CFO. Following these announcements, Goldman Sachs removed the company from its “Americas Buy List” and downgraded the stock from “buy” to “neutral.” Goldman Sachs explained that the downgrade was mostly caused by the company’s struggle to transition from desktop to mobile.
In light of this news, Robbins Arroyo LLP is investigating whether RetailMeNot’s board of directors breached its fiduciary duties to shareholders by misleading investors about the financial condition and performance of the company.
RetailMeNot Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.