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Shareholder rights law firm Johnson Fistel, LLP announces that it has filed a class-action lawsuit on behalf of all those who purchased Lightspeed Commerce Inc. securities during the period between September 11, 2020 and November 3, 2021, both dates inclusive. The action was filed in the United States District Court for the Southern District of New York and is captioned Pappas v. Lightspeed Commerce Inc et al., No. 1:21-cv-10304A similar lawsuit with a shorter class period, Nath v. Lightspeed Commerce, Inc. et al., No. 21-cv-06365, was previously filed in the Eastern District of New York.
The complaint charges Lightspeed Commerce, its CEO, and its CFO with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about Lightspeed Commerce’s business, operations and prospects, including that the Company: (i) overstated its pre-IPO business metrics and financial prospects by overstating its true customer count by 85%; (ii) overstated its pre-IPO business metrics and financial prospects by overstating its true gross transaction volume– a payment volume metric that a former employee describes as “smoke and mirrors” – by 10%; (iii) overstated its business metrics and financial prospects by concealing declining organic growth and ongoing business deterioration; (iv) overstated its business metrics and financial prospects by claiming that its Average Revenue Per User was increasing; (v) had undertaken an acquisition spree at escalating costs with no clear path to profitability, while its management pursued aggressive revenue reporting practices; and (vi) had been operating the Company with defective internal controls and ineffective oversight of its accounting practices by its outside audit firm.
The Private Securities Litigation Reform Act permits any investor who purchased or otherwise acquired Lightspeed Commerce’s securities during the class period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
If you wish to serve as lead plaintiff, contact lead financial analyst Jim Baker at jimb@johnsonfistel.com or 619-814-4471. If emailing, please include a phone number. There is no cost or obligation to you. Lead plaintiff motions must be filed with the Court no later than January 18, 2022.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
