INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That Securities Class Action Lawsuits Have Been Filed on Behalf of Investors in Lightspeed Commerce Inc. (LSPD), ON24, Inc. (ONTF), and Owlet, Inc. (OWLT) and Encourages Investors to Contact the Firm
NEW YORK, Dec. 21, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that securities class action lawsuits have been filed on behalf of investors in securities of Lightspeed Commerce Inc., ON24, Inc., and Owlet, Inc. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuits. Additional information about each case can be found at the links provided below.
Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD )
Class Period: September 11, 2020 to November 3, 2021
Pending Court: U.S. District Court for the Eastern District of New York
Lead Plaintiff Deadline: January 18, 2022
The lawsuits allege throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that the Company: (i) overstated its pre-IPO business metrics and financial prospects by overstating its true customer count by 85%; (ii) overstated its pre-IPO business metrics and financial prospects by overstating its true gross transaction volume – a payment volume metric that a former employee describes as “smoke and mirrors” – by 10%; (iii) overstated its business metrics and financial prospects by concealing declining organic growth and ongoing business deterioration; (iv) overstated its business metrics and financial prospects by claiming that its Average Revenue Per User was increasing; (v) had undertaken an acquisition spree at escalating costs with no clear path to profitability, while its management pursued aggressive revenue reporting practices; and (vi) had been operating the Company with defective internal controls and ineffective oversight of its accounting practices by its outside audit firm.
For additional information on the Lightspeed lawsuits please visit this website.
ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF )
Class Period: January 31, 2021 to November 3, 2021
Pending Court: U.S. District Court for the Northern District of California
Lead Plaintiff Deadline: January 3, 2022
The lawsuits allege that the representations made in the Registration Statement used to effectuate the Company’s IPO were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the surge in COVID-19 customers observed in the lead up to the IPO consisted of a significant number that did not fit ON24’s traditional customer profile, and, as a result, were significantly less likely to renew their contracts. After the IPO, as the true facts emerged, the value of the Company’s shares declined sharply.
For additional information on the ON24 lawsuits please visit this website.
Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT )
Class Period: March 31, 2021 to October 4, 2021
Pending Court: U.S. District Court for the Central District of California
Lead Plaintiff Deadline: January 18, 2022
The lawsuits allege throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA concluded it was a medical device; (2) as a result, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the U.S. until it obtained the requisite approval; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For additional information on the Owlet lawsuits please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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