The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Allbirds, Inc. (NASDAQ: BIRD) who purchased : (a) Class A common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company’s November 2021 initial public offering; and/or (b) securities between November 4, 2021 and March 9, 2023, inclusive. 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 Allbirds lawsuit alleges that (1) Allbirds was overemphasizing products that extended beyond the Company’s core offerings; (2) the Company’s non-core products had a narrower appeal and were not resonating with customers as well as the Company’s core products; (3) Allbirds was underinvesting in its core consumers’ favorite products to push the Company’s newer products with narrower appeal; (4) underinvesting in Allbirds’ core products was negatively impacting the Company’s sales; and (5) 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.
Shareholders have until June 12, 2023 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.
To learn more and keep informed, complete this form >