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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 July 1, 2022 to file lead plaintiff applications in a securities class action lawsuit against Riskified Ltd. (the “Company”) (NYSE: RSKD), if they purchased or acquired the Company’s Class A common stock in or traceable to the Company’s July 2021 initial public offering (the “IPO”).
Riskified and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) as the Company expanded its user base, the quality of the Company’s machine learning platform had deteriorated (rather than improved as represented in the Registration Statement); (ii) the Company had expanded its customer base into industries with relatively high rates of fraud – including partnerships with cryptocurrency and remittance business – in which the Company had limited experience, and that this expansion had negatively impacted the effectiveness of the Company’s machine learning platform; (iii) the Company suffered from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (iv) as a result of the foregoing, the Company’s representations in its Registration Statement were materially false and misleading, and lacked a factual basis.
If you purchased or acquired shares of Riskified as above 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 Thomas v. Riskified Ltd., et al., No. 22-cv-03545.
Click here to read the first filed complaint.