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

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Lightspeed Commerce Inc. (LSPD)

November 17, 2021 GMT

NEW YORK, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against of Lightspeed Commerce Inc. (f/k/a Lightspeed POS Inc.) (“Lightspeed” or the “Company”) (NYSE: LSPD) in the United States District Court for the Eastern District of New York on behalf of those who purchased Lightspeed common stock between September 11, 2020 and September 28, 2021, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had 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; (2) the Company had overstated the benefits and value of the Company’s various acquisitions; (3) accordingly, the Company had overstated its financial position and prospects; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

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Investors who purchased or otherwise acquired shares of Lightspeed during the Class Period should contact the Firm prior to the January 18, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.