LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Magnite, Inc. (“Magnite” or the “Company”) (NASDAQ: MGNI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On January 7, 2021, Spruce Point Capital Management published a research report alleging that the Company's "investors are being misguided by Magnite's growth prospects and see 25%-50% downside" and that Magnite "continued to mask challenges with inaccurate financial reporting." The report further stated that “evidence shows Magnite is running two separate businesses, yet only reporting one operating segment, allowing it to bury clarity into its struggles.”
On this news, Magnite's stock price fell $1.70 per share, or 6%, to close at $25.61 per share on January 7, 2021, thereby injuring investors.
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If you purchased Magnite securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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