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

SHAREHOLDER ALERT: Robbins LLP Informs Investors that Lightspeed Commerce Inc. (LSPD) is Being Sued for Misleading Investors

November 18, 2021 GMT

SAN DIEGO--(BUSINESS WIRE)--Nov 18, 2021--

Shareholder rights law firm Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased Lightspeed Commerce Inc. (NYSE: LSPD) securities between September 11, 2020 and September 28, 2021. The complaint alleges violations of the Securities Exchange Act of 1934. Lightspeed provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators internationally.

If you suffered a loss due to Lightspeed Commerce Inc.’s misconduct, click here.

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Lightspeed Commerce Inc. (LSPD) Misled Investors Regarding the Strength of its Business

According to the complaint, during the class period, defendants made materially false and misleading statements and/or failed to disclose Lightspeed had: (i) misrepresented the strength of its business by, among other things, overstating its customer count, gross transaction volume (“GTV”), and increase in Average Revenue Per User (“ARPU”), while concealing the Company’s declining organic growth and business deterioration, and (ii) overstated the benefits and value of the its various acquisitions.

On September 29, 2021, Spruce Point Capital Management published a report regarding Lightspeed, stating: “[e]vidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors.’” The report also revealed “[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 stock price fell $13.73 per share, or over 12%, to close at $98.77 per share on September 29, 2021.

If you purchased shares of Lightspeed Commerce Inc. (LSPD) securities between September 11, 2020 and September 28, 2021, you have until January 18, 2022, to ask the court to appoint you lead plaintiff for the class.

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All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Lightspeed Commerce Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211118006350/en/

CONTACT: Aaron Dumas

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

adumas@robbinsllp.com

(800) 350-6003

www.robbinsllp.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2021.

PUB: 11/18/2021 04:56 PM/DISC: 11/18/2021 04:56 PM

http://www.businesswire.com/news/home/20211118006350/en