Wix faces securities fraud class action over AI product claims
Kessler Topaz Meltzer & Check says investors filed a securities fraud class action against Wix.com in federal court over claims tied to the company’s AI products and business performance.
Kessler Topaz Meltzer & Check said a securities fraud class action has been filed against Wix.com Ltd. in the U.S. District Court for the Northern District of Illinois. The complaint alleges the company made misleading statements about its artificial intelligence products and related business performance.
The law firm said the complaint, Yappi v. Wix.com Ltd., No. 26-cv-08852, covers investors who bought or acquired Wix securities between Feb. 19, 2025, and May 12, 2026. It also said investors have until Sept. 22, 2026, to seek lead-plaintiff status.
The release said the claims are tied to a stock move after Wix reported first-quarter 2026 results on May 13, 2026. According to the release, Wix reported earnings and revenue below consensus expectations and a steep decline in operating margins, which it said the company mostly linked to softness in its professional developer business.
According to the release, the complaint alleges Wix overstated the competitiveness and performance of its AI products, understated the cost of developing and promoting them, overstated their commercial and financial benefits, and lacked a reasonable basis for positive statements about the company.
The release also said Wix acknowledged on its earnings call that professional developer customers were using competing AI tools, that the Wix Harmony platform had “holes” and “missing capabilities,” and that product updates and innovation had been delayed. It said Wix had fallen behind “the workflow and the needs of” professional developers.
Kessler Topaz did not provide a response from Wix in the release. The allegations have not been independently verified in the source text and remain claims in a filed lawsuit.
Wix stock fell $20.56, or 27.1%, to close at $55.32 on May 13, 2026, the release said.
The next deadline is Sept. 22, 2026, when investors who believe they are part of the proposed class may seek appointment as lead plaintiff.
Sources
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