The investigation, spearheaded by the New York-based Pomerantz LLP, follows the company’s September 11, 2026, second-quarter earnings report. Rent the Runway disclosed a 3.8% year-over-year drop in active subscribers, sparking immediate concern among shareholders. Alongside the subscriber loss, management issued lower-than-expected third-quarter revenue guidance and confirmed a $15 million rights offering paired with a $10 million term loan.

These liquidity-focused maneuvers, coupled with a decision to pause core growth initiatives, sent shares tumbling $0.37 to close at $2.45. Pomerantz LLP is now reviewing whether company officers or directors breached fiduciary duties or engaged in unlawful business practices during this period. Investors impacted by the decline are being directed to contact Danielle Peyton to discuss potential participation in class action litigation.