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

INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against Lightspeed Commerce Inc. and Encourages Investors with Losses to Contact the Firm

October 1, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Oct 1, 2021--

The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Lightspeed Commerce Inc. (“Lightspeed” or “the Company”) (NYSE: LSPD ) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Lightspeed is the subject of a research report published by Spruce Point Capital Management on September 29, 2021. The report alleges that: “Evidence 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.’ [. . .] Evidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (“ARPU”) is increasing. [. . .] Recent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices. [. . .] Weak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.” Based on this report, shares of Lightspeed dropped by 12% on the same day.

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If you are a shareholder who suffered a loss, click here to participate.

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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

View source version on businesswire.com:https://www.businesswire.com/news/home/20211001005691/en/

CONTACT: The Schall Law Firm

Brian Schall, Esq.

310-301-3335

info@schallfirm.com

www.schallfirm.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: The Schall Law Firm

Copyright Business Wire 2021.

PUB: 10/01/2021 03:51 PM/DISC: 10/01/2021 03:51 PM

http://www.businesswire.com/news/home/20211001005691/en