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Press release content from Business Wire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Lightspeed Commerce Inc. (LSPD) Investors

November 17, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Nov 17, 2021--

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD ) 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.

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If you suffered a loss on your Lightspeed investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/lightspeed-commerce-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

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.

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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.

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If you purchased or otherwise acquired 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211117006314/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2021.

PUB: 11/17/2021 06:00 PM/DISC: 11/17/2021 06:01 PM

http://www.businesswire.com/news/home/20211117006314/en