WPP Will 'Vigorously' Defend Against Charges Brought In U.S. Class Action Suit
WPP plans a strong defense against a U.S. class action lawsuit alleging misleading statements regarding its financial performance.Summary
WPP has confirmed it will “vigorously” defend itself against a class action lawsuit filed by U.S. shareholders on October 9th in the Southern District of New York. The suit alleges violations of U.S. securities laws related to misleading statements made before a July 9th profit warning, which downgraded the company’s full-year organic revenue outlook to a decline of 3% to 5%. Named as defendants are WPP, former CEO Mark Read, CFO Joanne Wilson, and WPP Media CEO Brian Lesser. The lawsuit centers on claims that WPP misrepresented the state of its media division and concealed adverse facts, leading to an 18% drop in share value following the profit warning. Investors who purchased WPP shares between February 27, 2025, and July 8, 2025, are represented in the suit, seeking unspecified damages, interest, and legal fees. WPP maintains its innocence, stating, “No court has ruled that we have violated any laws, and we intend to defend ourselves vigorously.”
(Source：MediaPost)