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Stamps.com Hid $235M USPS Manipulation, Investor Claims

Law360 (March 1, 2019, 7:58 PM EST) -- A Stamps.com Inc. investor has filed a putative class action in California federal court claiming the company's business model relied on an annual $235 million manipulation of a United States Postal Service program that, when revealed, caused USPS to sever ties and Stamps.com shares to plummet.

Alan Grabisch is seeking to represent a class of thousands who owned Stamps.com shares from May 2017 through Feb. 21, claiming Thursday that the web-based shipping company and several of its executives failed to inform its investors that its business model was unsustainably based on manipulating a USPS reseller program. The complaint did not get...

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California Central

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Securities/Commodities

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Date Filed

February 28, 2019

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