Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Lightspeed Commerce Inc.
NEW YORK, Nov. 29, 2021 (GLOBE NEWSWIRE) – Bernstein Liebhard, a nationally recognized investor rights law firm, is reminding investors of the deadline to file a lead plaintiff motion by January 18, 2022 at the latest in a securities class action lawsuit filed on behalf of investors who have purchased or acquired the securities of Lightspeed Commerce Inc. (“Lightspeed”) (NYSE: LSPD) between September 11, 2020 and September 28, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court in the New York Eastern District Court alleging violations of Sections 11 and 15 of the Securities Act of 1933 and Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934.
if you Have purchased securities from Lightspeed Commerce Inc. and / or wish to discuss your legal rights and options, please visit Lightspeed Commerce Inc. Shareholder Class Action Lawsuit mailto: or contact Joe Seidman free of charge at (877) 779-1414 or email@example.com.
On or about September 11, 2020, Lightspeed went public and offered 10,896,196 subordinated voting shares to the public at a price of $ 30.50 per share for expected proceeds of approximately $ 332,300,000.
According to the complaint, defendants made false and / or misleading statements and did not disclose that (i) Lightspeed misrepresented the strength of its business by, among other things, overestimating its number of customers, gross transaction volume (GTV) and the increase in the average Revenue Per User (ARPU) while masking declining organic growth and business deterioration; (ii) Lightspeed had overestimated the benefits and value of the company’s various acquisitions; (iii) accordingly, the Company had overestimated its financial condition and prospects.
On September 29, 2021, market analyst Spruce Point Capital Management published a report on Lightspeed. Spruce Point also issued a press release summarizing the results. The summary said, among other things, that [e]Evidence shows that Lightspeed massively bloated its business prior to going public, overvaluing its customer base by 85% and gross transaction volume (GTV) by 10%, a payment volume metric that a former employee called smoke and mirrors; that it was there [e]Evidence of declining organic growth and business deterioration from Lightspeed’s IPO, despite management claiming Average Revenue Per User (ARPU) is increasing; and that the company [r]The current acquisition frenzy has resulted in soaring costs with no clear path to profitability, while management pursues aggressive sales reporting practices.
The story goes on
As a result of this news, Lightspeeds’ stock price fell $ 13.73 per share, or 12.2%, to close at $ 98.77 per share on September 29, 2021.
If you want to appear as the lead plaintiff, you have to go to court no later than January 18, 2022. A lead plaintiff is a representative party who acts on behalf of other members of the group in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you do nothing, you can remain an absent class member.
if you Have purchased securities from Lightspeed Commerce Inc. and / or wish to discuss your legal rights and options Please visit https://www.bernlieb.com/cases/lightspeedcommerceinc-lspd-shareholder-lawsuit-class-action-fraud-stock-456/ or contact Joe Seidman free of charge at (877) 779-1414 or firstname.lastname@example.org.
Since 1993, Bernstein Liebhard LLP has recovered over $ 3.5 billion for its clients. In addition to representing individual investors, the firm has been hired by some of the largest public and private pension funds in the country to monitor their assets and litigate on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been listed on the National Law Journal’s “Plaintiffs Hot List” thirteen times and The Legal 500 has been listed for ten consecutive years.
ADVERTISING LAWYER. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this complaint in the Connecticut state is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to future matters.
Bernstein Liebhard LLP