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The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Lightspeed Commerce Inc. securities between September 11, 2020 and September 28, 2021, inclusive (the “Class Period”). Lightspeed investors have until January 18, 2022 to file a lead plaintiff motion.
On September 29, 2021, Spruce Point Capital Management published a report alleging, among other things, that the Company was “overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10%.” The report also stated 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.”
On this news, Lightspeed’s share price fell $13.73 per share, or more than 12%, to close at $98.77 per share on September 29, 2021, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Lightspeed had misrepresented the strength of its business by, inter alia, overstating its customer count, GTV, and increase in ARPU, while concealing the Company’s declining organic growth and business deterioration; (ii) Lightspeed had overstated the benefits and value of the Company’s various acquisitions; (iii) accordingly, the Company had overstated its financial position and prospects; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Lightspeed securities during the Class Period, you may move the Court no later than January 18, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Lightspeed 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 info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.
