RSKD LAWSUIT: The Law Offices of Vincent Wong Notify Investors of a Class Action Lawsuit Involving Riskified Ltd.
New York, New York--(Newsfile Corp. - May 9, 2022) - The Law Offices of Vincent Wong announce that a class action lawsuit has commenced in the on behalf of investors who purchased Riskified Ltd. ("Riskified Ltd.") (NYSE: RSKD) . This lawsuit is on behalf of all persons or entities who purchased Riskified Class A ordinary shares in or traceable to the Company's July 2021 initial public offering..
If you suffered a loss, contact us at the link below. There is no cost or obligation to you.
Allegations against RSKD include that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) as Riskified expanded its user base, the quality of Riskified's machine learning platform had deteriorated (rather than improved as represented in documents issued in connection with the July 2021 initial public offering), because of, among other things, inaccuracies in the algorithms associated with onboarding new merchants and entering new geographies and industries; (ii) Riskified had expanded its customer base into industries with relatively high rates of fraud - including partnerships with cryptocurrency and remittance business - in which Riskified had limited experience and that this expansion has negatively impacted the effectiveness of Riskified's machine learning platform; (iii) as a result, Riskified was suffering 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) thus, the representations in documents issued in connection with the July 2021 initial public offering regarding Riskified's historical financial and operational metrics 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 July 2021 initial public offering, and were materially false and misleading, and lacked a factual basis.
If you suffered a loss in Riskified Ltd. you have until July 1, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
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