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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with losses in excess of $100,000 that they have until January 18, 2022 to file lead plaintiff applications in securities class action lawsuits against Lightspeed Commerce, Inc., if they purchased the Company’s securities between September 11, 2020 and November 3, 2021, inclusive (the “Class Period”). These actions are pending in the United States District Courts for the Eastern and Southern Districts of New York
What You May Do
If you purchased securities of Lightspeed and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-lspd/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 18, 2022.
About the Lawsuits
Eargo and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
Lightspeed and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 29, 2021, Spruce Point Capital Management reported that, among other allegations, the Company had overstated its customer count by 85% and that 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 shares fell $13.73 per share, or 12.2%, to close at $98.77 per share on September 29, 2021. Then, on November 4, 2021, the Company disclosed its 2Q22 financial results including organic revenue growth for its core segments well below the amount previously disclosed, revenue guidance for 2Q22 at a mere 7% sequential growth, and full year 2022 guidance that implied no sequential growth whatsoever in the Company’s fourth quarter 2022.
On this news, Lightspeed’s shares fell more than $27 per share, $71.36 per share on November 4, 2021, on unusually high trading volume.
The first-filed case is Nath v. Lightspeed Commerce Inc., et al., 21-cv-06365. A subsequently filed case, Pappas v. Lightspeed Commerce Inc., et al., 21-cv-10304, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
