LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Root, Inc. (“Root” or “the Company”) (NASDAQ: ROOT) for violations of the federal securities laws.
Investors who purchased the Company's shares pursuant and/or traceable to the Company’s October 28, 2020 initial public offering (the "IPO"), or between October 28, 2020 and March 8, 2021 both dates inclusive (the "Class Period"), are encouraged to contact the firm before May 18, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Root was likely to fail to generate positive cash flow for years following its IPO. As a result, the Company was likely to require injections of cash to fund its operations. The Company touted its data-driven advantages in the marketplace, but its established industry competitors had already developed superior technology that resulted in a competitive advantage over the Company. Based on these facts, the Company’s Offering documents and public statements during the IPO and class period were false and materially misleading. When the market learned the truth about Root, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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