NEW YORK, May 29, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds buyers of the securities of Riskified Ltd. (NYSE: RSKD) pursuant to the registration statement issued in connection with the company’s initial public offering completed on or about July 28. 2021 (the “IPO” or the “Offer”), substantial July 1, 2022 lead applicant deadline.
SO WHAT: If you have purchased risky securities pursuant to and/or related to the IPO, you may be entitled to compensation without payment of disbursements or fees through a contingent fee arrangement.
WHAT TO DO NEXT: To join the Riskified class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=5896 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information. A class action lawsuit has already been filed. If you wish to act as lead plaintiff, you must move the Court no later than July 1, 2022. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation.
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these firms do not actually handle securities class action lawsuits, but are merely middlemen who refer clients or partner with law firms that actually litigate the cases. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, the IPO’s registration statement was negligently prepared and, as a result, contained misrepresentations of material facts or failed to state other facts necessary for the statements made not to be misleading and have not been prepared in accordance with the rules and regulations governing their preparation. Specifically, the IPO registration statement misrepresented material facts because it failed to disclose the following adverse facts that existed at the time of the IPO: (1) As Riskified grew its user base, the quality of Riskified’s machine learning platform had deteriorated (rather than improved as stated in the registration statement), due to, among other things, d inaccuracies in algorithms associated with onboarding new merchants and entering new geographies and industries; (2) 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; (3) as a result, Riskified suffered from materially higher chargebacks and cost of revenues and decreased gross profits and gross profit margins in its third fiscal quarter of 2021; and (4) therefore, statements in the registration statement regarding historical financial and operating measures of Riskified and alleged market opportunities did not accurately reflect the actual business, operations and financial results and trajectory of Riskified. before and at the time of the IPO, and were materially false and misleading, and lacking in factual basis. When the real details entered the market, the lawsuit claims investors suffered damages.
To join the Riskified class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=5896 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information.
No class has been certified. Until a class is certified, you are not represented by an attorney unless you retain one. You can choose the lawyer of your choice. You can also remain an absent group member and do nothing at this point. An investor’s ability to participate in any potential future recovery does not depend on their status as lead plaintiff.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827