Johnson Fistel, LLP Announces That It Has Filed a Class Action Lawsuit With an Expanded Class Period Against Lightspeed Commerce Inc. and Certain of Its Senior Executives Alleging Violations of the Federal Securities Laws
SAN DIEGO, December 4, 2021 / PRNewswire / – Johnson Fistel, LLP shareholder rights law firm announces that it has filed a class action lawsuit on behalf of all of the buyers of Lightspeed Commerce Inc. (NYSE: LSPD) (“Lightspeed Commerce” or the “Company”). Securities in the time between September 11, 2020 and November 3, 2021, both dates included. The lawsuit was filed in The United States District Court for the southern district of new York and is entitled Pappas v. Lightspeed Commerce Inc. et al., No. 1: 21-cv-10304A Similar Process with Less Class Time, Nath v. Lightspeed Commerce, Inc. et al., No. 21-cv-06365, previously registered in the Eastern District of. submitted new York.
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The complaint alleges that Lightspeed Commerce, its CEO, and its CFO have violated the Securities Exchange Act of 1934. According to the complaint, the defendants made essentially false and misleading statements and failed to disclose known adverse facts about the business, operations, and prospects of Lightspeed Commerce, including that the company: (i) overestimated its business metrics and financial prospects prior to going public has by overrating its actual customer base by 85%; (ii) overestimated its pre-IPO business metrics and financial prospects by overestimating its true gross transaction volume – a payment volume metric referred to by a former employee as “Smoke and Mirror” – by 10%; (iii) has overestimated its business metrics and financial outlook by hiding declining organic growth and ongoing deterioration in business operations; (iv) overestimate its business metrics and financial prospects by claiming that its average revenue per user has increased; (v) had made a streak of increasing cost acquisitions with no clear path to profitability while management had aggressive sales reporting practices; and (vi) operated the company with poor internal controls and ineffective oversight of its accounting practices by its external audit firm.
The Private Securities Litigation Reform Act allows any investor who has purchased or otherwise acquired the securities of Lightspeed Commerce during the class action period to apply for lead plaintiff. A lead plaintiff acts on behalf of all other group members in conducting the dispute. The lead plaintiff can choose a law firm of their choice. An investor’s ability to partake in any future repayment does not depend on their being the lead plaintiff.
If you want to be the lead plaintiff, please [click here to join this action], or contact the senior financial analyst Jim Baker at [email protected] or 619-814-4471. Please include a telephone number in the e-mail. There are no costs or obligations for you. Applications by the main plaintiff must be submitted to the court by the latest January 18, 2022.
Above Johnson fistula, LLP:
Johnson fistula, LLP is a nationally recognized shareholder rights law firm with offices in California, new York and Georgia. The firm represents private and institutional investors in shareholder derivative and securities class actions. More information about the firm and their attorneys can be found at http://www.johnsonfistel.com. Lawyer advertising. Past results do not guarantee future results.
Johnson fistula, LLP
Jim Baker, 619-814-4471
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