RISKIFIED SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Riskified Ltd. – RSKD
NEW ORLEANS, May 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until July 1, 2022 to file lead plaintiff applications in a securities class action lawsuit against Riskified Ltd. (the “Company”) (NYSE: RSKD), if they purchased or acquired the Company’s Class A common stock in or traceable to the Company’s July 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Southern District of New York.
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Riskified investors should visit us at http://claimsfiler.com/cases/nyse-rskd/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Riskified and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) as the Company expanded its user base, the quality of the Company’s machine learning platform had deteriorated (rather than improved as represented in the Registration Statement); (ii) the Company had expanded its customer base into industries with relatively high rates of fraud – including partnerships with cryptocurrency and remittance business – in which the Company had limited experience, and that this expansion had negatively impacted the effectiveness of the Company’s machine learning platform; (iii) the Company suffered from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (iv) as a result of the foregoing, the Company’s representations in its Registration Statement were materially false and misleading, and lacked a factual basis.
The case is Thomas v. Riskified Ltd., et al., No. 22-cv-03545.
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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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