LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Presto Automation Inc. (“Presto” or “the Company”) (NASDAQ: PRST) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Presto is the subject of a report issued by White Diamond Research on April 24, 2023, titled: “BREAKING NEWS – PRESTO AUTOMATION REMOVED THE MCDONALD’S LOGO FROM THE CUSTOMER SECTION OF ITS WEBSITE OVER THE WEEKEND!” According to the report, rumors swirled of the Company doing business with McDonald's, fueled by the fast food giant’s logo being on its website. However, this logo was removed sometime after Friday, April 21. The report claims, “We believe the logo got removed because the reality is McDonald’s isn’t a customer of PRST in any way, and now that attention is on PRST, they don’t want to get sued by investors for false information, or even sued by McDonalds!” Based on this news, shares of Presto fell by more than 24% in intraday trading on the same day.
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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.
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