SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of: (a) Allbirds, Inc. (NASDAQ: BIRD) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Allbirds’ November 2021 initial public offering (the “IPO”); and/or (b) Allbirds securities between November 4, 2021 and March 9, 2023, inclusive (the “Class Period”) have until June 12, 2023 to seek appointment as lead plaintiff of the Allbirds class action lawsuit. Captioned Shnayder v. Allbirds, Inc., No. 23-cv-01811 (N.D. Cal.), the Allbirds class action lawsuit charges Allbirds and certain of its top executives, directors, and IPO underwriters with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Allbirds class action lawsuit, please provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com.
CASE ALLEGATIONS: Allbirds is a footwear and apparel company.
The Allbirds class action lawsuit alleges that the IPO’s Registration Statement and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Allbirds was overemphasizing products that extended beyond Allbirds’ core offerings; (ii) Allbirds’ non-core products had a narrower appeal and were not resonating with customers as well as Allbirds’ core products; (iii) Allbirds was underinvesting in its core consumers’ favorite products to push Allbirds’ newer products with narrower appeal; and (iv) underinvesting in Allbirds’ core products was negatively impacting Allbirds’ sales.
On March 9, 2023, Allbirds announced disappointing fourth quarter 2022 financial results and explained that its poor financial results were driven in part by overemphasis on “products that extended beyond [Allbirds’] core DNA.” Allbirds further disclosed that “some products and colors have had narrower appeal than [Allbirds] expected” and “[b]ecause [Allbirds was] spending significant time and resources on these new products that did not resonate well, [Allbirds] underinvested in [its] core consumers’ favorite products.” Allbirds also announced that its Chief Financial Officer, Michael Bufano, was stepping down. On this news, the price of Allbirds’ stock fell more than 47%, damaging investors.
As of when the Allbirds class action lawsuit was filed, Allbirds’ stock continued to trade below the $15.00 per share IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Allbirds Class A common stock pursuant and/or traceable to the Registration Statement issued in connection with the IPO and/or during the Class Period to seek appointment as lead plaintiff of the Allbirds class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Allbirds class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Allbirds class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Allbirds class action lawsuit.
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