NEW YORK–(COMMERCIAL THREAD) –WHY: Rosen Law Firm, a global investor rights law firm, announces investigation of potential securities claims on behalf of shareholders of Lightspeed Commerce Inc. (NYSE: LSPD) arising from allegations that Lightspeed may have provided misleading commercial information to the investing public.
SO WHAT: If you have purchased Lightspeed securities, you may be entitled to compensation without payment of any fees or charges under a contingency fee agreement. Rosen law firm is preparing class action lawsuit to recover investors’ losses.
WHAT TO DO NEXT: To join the possible class action, go to http://www.rosenlegal.com/cases-register-2166.html or call Phillip Kim, Esq. toll free at 866-767-3653 or by emailing [email protected] or [email protected] for information on the class action.
WHAT DOES IT TALK ABOUT: On September 29, 2021, market analyst Spruce Point Capital Management released a report regarding Lightspeed. Spruce Point also issued a press release summarizing its findings. The summary says, among others, “Evidence shows Lightspeed massively inflated its business before the IPO, overestimating its customer base by 85% and gross transaction volume (‘GTV’) by 10% – a measure of payment volume that a former employee described it as “smoke and mirrors”. [. . .] Evidence of declining organic growth and deterioration in business from Lightspeed IPO, despite management claims that Average Revenue Per User (“ARPU”) is increasing. [. . .] The recent wave of acquisitions has resulted in escalating costs with no clear path to profitability, as management continues aggressive tax reporting practices. [. . .] Weak governance standards and worrying auditor oversight by PwC under a worrying CFO, which was linked to a previous tech roll-up scandal. ”
On this news, Lightspeed shares fell $ 13.73 per share, or more than 12%, to close at $ 98.77 per share on September 29, 2021, hurting investors.
WHY THE ROSEN LAW: We encourage investors to select qualified advisors with a track record of success in leadership roles. Often, companies providing reviews do not have comparable experience, resources or peer recognition. Be wise in choosing the right lawyer. Rosen law firm represents investors around the world, focusing its practice on class actions in securities and derivative litigation between shareholders. Rosen law firm has secured the largest securities class action settlement against a Chinese company. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has been ranked in the top 4 every year since 2013 and has recovered hundreds millions of dollars for investors. In 2019 alone, the company raised more than $ 438 million for investors. In 2020, founding partner Laurence Rosen was appointed by law360 as the Titan of Plaintiffs’ Bar. Many of the firm’s lawyers have been recognized by Lawdragon and Super Lawyers.
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