Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with losses in excess of $100,000 that they have until January 18, 2022 to file lead plaintiff applications in securities class action lawsuits against Lightspeed Commerce, Inc. (NYSE: LSPD).
Eargo and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
Lightspeed and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 29, 2021, Spruce Point Capital Management reported that, among other allegations, the Company had overstated its customer count by 85% and that there was “[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing.” On this news, Lightspeed’s shares fell $13.73 per share, or 12.2%, to close at $98.77 per share on September 29, 2021. Then, on November 4, 2021, the Company disclosed its 2Q22 financial results including organic revenue growth for its core segments well below the amount previously disclosed, revenue guidance for 2Q22 at a mere 7% sequential growth, and full year 2022 guidance that implied no sequential growth whatsoever in the Company’s fourth quarter 2022.
On this news, Lightspeed’s shares fell more than $27 per share, $71.36 per share on November 4, 2021, on unusually high trading volume.
If you purchased securities of Lightspeed 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 (email@example.com), or fill out the form on this page.
The case is Nath v. Lightspeed Commerce Inc., et al., 21-cv-06365.
Click here to read the first filed complaint.
A subsequently filed case, Pappas v. Lightspeed Commerce Inc., et al., 21-cv-10304, expanded the class period.
Click here to read the subsequently filed complaint.