NEW YORK, Nov. 17, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who 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 for the Eastern District of New York and alleges violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased or acquired Lightspeed securities, and/or would like to discuss your legal rights and options, please visit Lightspeed Commerce Inc.Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
On or about September 11, 2020, Lightspeed conducted its IPO, offering 10,896,196 Subordinate Voting Shares to the public at a price of $30.50 per share for anticipated proceeds of approximately $332,300,000.
According to the complaint, Defendants made false and/or misleading statements and failed to disclose that (i) Lightspeed had misrepresented the strength of its business by, inter alia, overstating its customer count, gross transaction volume (GTV), and increase in Average Revenue Per User (ARPU), while concealing the Company’s declining organic growth and business deterioration; (ii) Lightspeed had overstated the benefits and value of the Company’s various acquisitions; (iii) accordingly, the Company had overstated its financial position and prospects.
On September 29, 2021, market analyst Spruce Point Capital Management published a report regarding Lightspeed. Spruce Point also issued a press release summarizing its findings. The summary revealed that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (GTV) by 10%, a payment volume metric that a former employee described as smoke and mirrors; that there was evidence of declining organic growth and business deterioration through Lightspeeds IPO, despite management’s claim that Average Revenue Per User (ARPU) was increasing; and that the Company’s recent acquisition spree had come at escalating costs and with no clear path to profitability, while management pursued aggressive revenue reporting practices.
On 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 wish to serve as lead plaintiff, you must move the Court no later than January 18, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Lightspeed securities, and/or would like 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 toll free 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 retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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