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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 18, 2021 to file lead plaintiff applications in a securities class action lawsuit against Root, Inc. (NasdaqGS: ROOT).
Root and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus and/or during the Class Period, violating federal securities laws.
On March 9, 2021, multiple investor news resources reported that Bank of America Securities analyst Joshua Shanker initiated coverage of the Company with an “Underperform” rating concluding that it is unlikely to be cash flow positive until 2027, and that established market players would continue to impede the Company’s profitability with superior telematics data and dominant market positions.
On this news, shares of Root fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021, representing a total decline of 54.93% from the Offering price.
If you purchased securities of Root and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The case is Kolominsky v. Root Inc., et al., 21-cv-01197.
Click here to read the case complaint.