PR Newswire
NEW YORK, Oct. 17, 2023
NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of John Wiley & Sons, Inc. ("Wiley" or the "Company") (NYSE: WLY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Wiley and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 9, 2023, Wiley announced its third quarter 2023 financial results, in which it disclosed issues at Hindawi, one of its subsidiaries. The Company's Chief Executive Officer ("CEO") stated "[o]ur third quarter results and revised full year outlook are clearly below our expectations" and "[w]hile our core business and markets are strong, we've been challenged this year by unpredictable market headwinds and an unplanned publishing pause at Hindawi." It was further announced that "[r]esearch was down 4% as reported, or down 2% at constant currency and excluding acquisitions, primarily due to a pause in the Hindawi special issues publishing program. The program was suspended temporarily due to the presence in certain special issues of compromised articles. As a result, Hindawi revenue declined $9 million vs. prior year, offsetting growth in other open access publishing programs."
On this news, Wiley's Class A stock price fell $7.55 per share, or 17.35%, to close at $35.96 per share on March 9, 2023.
Then, on October 10, 2023, Wiley announced that its CEO and President would be departing the Company, effective immediately.
On this news, Wiley's stock price fell $3.68, or 9.9%, to close at $30.95 per share on October 10, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
