SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Riskified Ltd. of a Class Action Lawsuit and a Lead Plaintiff Deadline of July 1, 2022 - (RSKD)
New York, New York--(Newsfile Corp. - June 29, 2022) - The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders of Riskified Ltd. (NYSE: RSKD).
Shareholders who purchased shares of RSKD during the class period listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
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.
ALLEGATIONS : The complaint alleges that during the class period, Defendants issued 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.
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=29375&from=5.
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of RSKD during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is July 1, 2022. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Phone: (212) 537-9430
Fax: (833) 862-7770
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129501