Stamps.com Faces Certified Shareholder Class in Stock Drop Suit

A group of Stamps.com stockholders who allege the company made false statements about its relationship with the U.S. Post Office that inflated its stock price were certified to proceed as a class by the Central District of California.

There’s “ample evidence” that the alleged misrepresentations impacted Stamps’ share price, including a “robust event study” that showed there were “statistically significant share price declines” following the alleged corrective disclosures on Feb. 21, 2019, and May 8, 2019, the U.S. District Court for the Central District of California said.

The court rejected Stamps’ argument that the claims of lead plaintiff, Indiana Public ...