|Class Period:||Jul-27-12 to Jul-25-13|
|Lead Plaintiff Deadline:||Dec-20-13|
|Court:||Western District of Washington|
Expedia is an Internet-based travel website company headquartered in Bellevue, Washington, with localized sites for 29 countries. Its websites book airline tickets, hotel reservations, car rentals, cruises, vacation packages and various attractions and services via the World Wide Web and telephone travel agents. In 2011, Expedia split into two publicly traded companies by spinning off its TripAdvisor brand of travel sites.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business and operations. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (a) that following the 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) that 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) that TripAdvisor would stop directing web traffic to Expedia in early 2013; and (d) that performance at the Company's Hotwire unit was failing.
On July 25, 2013, after the close of trading, Expedia issued a press release announcing its second quarter 2013 financial results for the quarter ended June 30, 2013. Expedia's second-quarter 2013 profit fell to $71.5 million from $105.2 million a year earlier. Overall, bookings rose only 13%, well below the 19% surge the Company posted during fiscal 2012. The Company also lowered its guidance for 2013 adjusted earnings, predicting growth in the mid to high single digits. On this news, Expedia shares declined $17.80 per share or nearly 27%, to close at $47.20 per share on July 26, 2013.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.