SHAREHOLDER ALERT: Le Gross L
NEW YORK, June 8, 2022 /PRNewswire/ — The Gross Law Firm issues the following notice to shareholders of Riskified Ltd..
Shareholders who purchased shares of RSKD during the Class Period are encouraged to contact the company regarding the possible appointment of a lead plaintiff. Appointment as lead plaintiff is not required to participate in any recovery.
CONTACT US HERE:
COURSE PERIOD: This lawsuit is on behalf of all persons or entities who have purchased risky or company-related Class A common stock. July 2021 initial public offering.
ALLEGATIONS: The Complaint alleges that during the Class Period, the Defendants made materially false and/or misleading statements and/or failed to disclose that: (i) as Riskified expanded its user base, the quality of the platform -form of Riskified’s machine learning had deteriorated (rather than improved as depicted in the documents issued under the July 2021 IPO), due to, among other things, inaccuracies in algorithms associated with onboarding new merchants and entering new geographies and industries; (ii) Riskified had expanded its customer base into industries with relatively high fraud rates – including partnerships with cryptocurrency and money transfer businesses – in which Riskified had limited experience and this expansion had a negative impact on the effectiveness of Riskified’s machine learning platform; (iii) as a result, Riskified suffered from materially higher chargebacks and cost of revenues and decreased gross profit and gross profit margins in its third fiscal quarter of 2021; and (iv) so, the representations in the documents issued in connection with the July 2021 the initial public offering regarding Riskified’s historical financial and operating measures and purported market opportunities did not accurately reflect the actual business, operations and financial results and trajectory of Riskified prior to and at the time of the offering July 2021 initial public offering, and were materially false and misleading, and lacked a factual basis.
DEADLINE: July 1, 2022 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/riskified-ltd-loss-submission-form/?id=28169&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you have registered as a shareholder who has purchased shares of RSKD during the period stated above, you will be enrolled in portfolio tracking software to provide you with status updates throughout the cycle life of the business. The deadline to apply to be a principal applicant is July 1, 2022. There is no cost or obligation for you to participate in this deal.
WHY BRUT CABINET D’AVOCATS? Gross Law Firm is a nationally recognized law firm, and our mission is to protect the rights of all investors who have suffered as a result of deception, fraud, and illegal business practices. Gross Law Firm is committed to ensuring that businesses adhere to responsible business practices and engage in good corporate citizenship. The Company seeks redress on behalf of investors who have suffered losses when false and/or misleading statements or omission of material information by a company has caused artificial inflation of the company’s stock. Lawyer advertisement. Prior results do not guarantee similar results.
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SOURCE The Raw Law Firm