After a couple of quiet weeks, the news is rolling again with a slew of big announcements and happenings that affect the scrapbook world.
Legal. Etsy is in legal hot water over its recent IPO. A lawsuit was filed in New York on May 13th that is seeking class action status to represent investors who invested in the company between April 16th and May 10th. The suit alleges fraud on Etsy’s part, due to the company’s failing to disclose “adverse facts” regarding the company’s business as required by SEC rules.
The “adverse facts” that got Etsy sued come from a recently released report by stock analysts from Wedbush that alleges that at least 5% of products on the site are counterfeit or violate copyright or trademark laws. Several high profile names, including Beyonce and Taylor Swift, have threatened or taken legal action regarding Etsy product violations in recent months. The Wedbush report detailed an assortment of violations the analysts found against Disney, Star Wars, professional sports teams, Chanel, and Louis Vuitton, among others, in product listings on the site.Continue Reading →