Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed on Behalf of Lightspeed Commerce Inc. (LSPD) Investors and Encourages Investors to Contact the Firm Before January 18, 2022
NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) – Law firm Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the US District Court for the eastern borough of New York on behalf of the buyers of Lightspeed Commerce Inc. (“Lightspeed “Or the” Company “) (NYSE: LSPD) securities from September 11, 2020 through September 28, 2021 (the” Class Period “) inclusive. Investors have until January 18, 2022 to apply to the court to be appointed lead plaintiff.
Lightspeed offers a commerce-enabling Software as a Service (SaaS) platform for small and medium-sized businesses, retailers, restaurants and golf course operators in Canada, the USA, Germany, Australia and internationally. The company’s cloud platforms are built upon each other such as omni-channel consumer experience, a comprehensive back office operations management suite to improve customer efficiency and insight, and facilitate payments. Lightspeed’s platform capabilities include full omni-channel capabilities, pre-order and roadside pick-up, point of sale, product and menu management, employee and inventory management, analytics and reporting, cross-location connectivity, loyalty, customer management and bespoke financial solutions.
On September 29, 2021, Spruce Point Capital Management (“Spruce Point”), a market analyst, released a report on Lightspeed. Spruce Point also released a press release summarizing the results. The summary says, among other things: “[e]Evidence shows that Lightspeed massively inflated its business prior to going public by overestimating 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 claims that Average Revenue Per User (‘ARPU’) is increasing ”; and that the company “[r]The current acquisition frenzy has resulted in rising costs with no clear path to profitability, while management has aggressive sales reporting practices. ”In light of the news, Lightspeed’s share price fell $ 13.73 per share, or approximately 12.2%, from 112.50 And closed at $ 98.77 per share on September 29, 2021.
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The lawsuit alleges that defendants made false and / or misleading information and / or failed to disclose during the class action period: (i) Lightspeed misrepresented the strength of its business by, among other things, misrepresenting its customer base, GTV and the rise in ARPU while masking the company’s 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 overstated its financial condition and prospects; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
If you have bought or otherwise acquired Lightspeed securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at research @ kmllp. com or by completing this contact form to discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York based law firm focused on securities, antitrust, whistleblower and consumer disputes. The company’s efforts on behalf of shareholders in securities disputes have resulted in total recoveries of billions of dollars. For more information about the company, please visit the Kirby McInerney LLP website: http://www.kmllp.com.
This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.
Kirby McInerney LLP
Thomas W. Elrod, Esq.