NEW YORK, May 31, 2022 /PRNewswire/ — Klein Law Firm announces that a class action lawsuit has been filed on behalf of shareholders of Riskified Ltd. (NYSE: RSKD) alleging that the company violated federal securities laws.
This lawsuit is on behalf of all persons or entities who have purchased risky or company-related Class A common stock. July 2021 initial public offering.
Lead Applicant Deadline: July 1, 2022
No obligation or cost to you.
Learn more about your recoverable losses in RSKD:
NEWS Riskified Ltd. – NEW RSKDs
CLASS ACTION CASE DETAILS: The filed complaint alleges that Riskified Ltd. made materially false and/or misleading statements and/or failed to disclose the following: (i) as Riskified grew its user base, the quality of Riskified’s machine learning platform was deteriorated (rather than improved as indicated in documents issued under the July 2021 IPO), due to, among other things, inaccuracies in algorithms associated with onboarding new merchants and entering new geographies and industries; (ii) Riskified had expanded its customer base into industries with relatively high fraud rates – including partnerships with cryptocurrency and money transfer businesses – in which Riskified had limited experience and this expansion had a negative impact on the effectiveness of Riskified’s machine learning platform; (iii) as a result, Riskified suffered from materially higher chargebacks and cost of revenues and decreased gross profit and gross profit margins in its third fiscal quarter of 2021; and (iv) so, the representations in the documents issued in connection with the July 2021 the initial public offering regarding Riskified’s historical financial and operating measures and purported market opportunities did not accurately reflect the actual business, operations and financial results and trajectory of Riskified prior to and at the time of the offering July 2021 initial public offering, were materially false and misleading and lacked factual basis.
WHAT THIS MEANS FOR YOU AS A SHAREHOLDER: If you have suffered a loss in Riskified Ltd., you have until July 1, 2022 ask the court to obtain the status of principal plaintiff. Your ability to participate in any collection does not require you to serve as the lead plaintiff.
AT NO CHARGE TO YOU: If you purchased Riskified Ltd. during the relevant period, you may be entitled to compensation without payment of out-of-pocket costs.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For more information on the RSKD trial, please contact J. Klein, Esq. by phone at 212-616-4899 or click on this link: https://www.kleinstocklaw.com/pslra-1/riskified-ltd-loss-submission-form?id=27812&from=4.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigation involving financial fraud across the country. Klein Law Firm is a litigation firm with experience in a wide range of areas, including securities law, corporate finance and commercial litigation. Since 2011, our experienced lawyers have achieved superior results for our clients with a personalized approach. Lawyer advertisement. Prior results do not guarantee similar results.
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
New York, NY 10118
Telephone: (212) 616-4899
SOURCE Klein Law Firm