Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Lightspeed Commerce, Inc. (NYSE: LSPD), if they purchased the Company’s securities between September 11, 2020 and September 28, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
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 (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-lspd/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 18, 2022.
About the Lawsuit
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 a range of allegations regarding the Company, including but not limited to, that it overstated its customer count by 85% and its gross transaction volume by 10% in pre-IPO documents; 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”; and that the Company’s “[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices.”
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.
The case is Nath v. Lightspeed Commerce Inc., et al., 21-cv-06365.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211118005928/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
