PR Newswire | Dec 1, 2021 06:06PM EST

Class Action Lawsuit Against Lightspeed Commerce, Inc. - LSPD

12/01 17:06 CST

CLAIMSFILER ALERTS LIGHTSPEED COMMERCE Investors to Lead Plaintiff Deadline in Class Action Lawsuit Against Lightspeed Commerce, Inc. - LSPD NEW ORLEANS, La., Dec. 1, 2021

NEW ORLEANS, La., Dec. 1, 2021 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors with losses in excess of $100,000 that they have untilJanuary 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Lightspeed Commerce, Inc. (NYSE: LSPD), if they purchased the Company's securities between September 11, 2020 and September 28, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of New York.

Get Help

Lightspeed investors should visit us at https://claimsfiler.com/cases/nyse-lspd/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

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 a range of allegations regarding the Company, including but not limited to, that it overstated its customer count by 85% and its gross transaction volume by 10% in pre-IPO documents; 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"; and that the Company's "[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices."

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.

The case is Nath v. Lightspeed Commerce Inc., et al., 21-cv-06365910.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

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SOURCE ClaimsFiler