The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of The RealReal, Inc. (NASDAQ: REAL) who purchased common stock pursuant and/or traceable to the Company’s registration statement issued in connection with the Company’s June 27, 2019 initial public offering. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the RealReal lawsuit alleges that (1) the Company’s employees received little training on how to spot fake items; (2) the Company’s strict quotas on its employees exacerbated product authentication issues; (3) consequently, the potential for counterfeit or mislabeled items to make it through Company’s authentication process was higher than disclosed; and (4) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until January 24, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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