NEW ORLEANS, June 3, 2022 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilJuly 1, 2022 to file lead plaintiff claims in a securities class action lawsuit against Riskified Ltd. (the “Company”) (NYSE: RSKD), whether they have purchased or acquired the Company’s Class A common stock in or traceable to the Company July 2021 initial public offering (the “IPO”). This action is in progress in United States District Court for the Southern District of New York.
Risky investors should visit us at https://claimsfiler.com/cases/nyse-rskd/ or call toll-free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the trial
Riskified and some of its executives are accused of failing to disclose material information in its IPO registration statement, in violation of federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) as the Company expanded its user base, the quality of the Company’s machine learning platform improved was deteriorating (rather than improving as stated in the registration statement); (ii) the Company had expanded its customer base into industries with relatively high fraud rates – including partnerships with cryptocurrency and remittance businesses – in which the Company had limited experience, and that this expansion negatively impacted the effectiveness of the Company’s machine learning platform; (iii) the Company 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) as a result of the foregoing, the Company’s statements in its registration statement were materially false and misleading and lacked factual basis.
The deal is Thomas v. Riskified Ltd., et al., No. 22-cv-03545.
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SOURCE Claims Filer