Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lightspeed Commerce Inc. (LSPD) - Yahoo Finance

BENSALEM, Pa., November 19, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 18, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lightspeed Commerce Inc. ("Lightspeed" or the "Company") (NYSE: LSPD) securities between September 11, 2020 and September 28, 2021, inclusive (the "Class Period").

Investors suffering losses on their Lightspeed investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].

On September 29, 2021, Spruce Point Capital Management published a report alleging, among other things, that the Company was "overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10%." The report also stated there was "[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing."

On this news, Lightspeed's share price fell $13.73 per share, or more than 12%, to close at $98.77 per share on September 29, 2021, thereby injuring investors.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Lightspeed had misrepresented the strength of its business by, inter alia, overstating its customer count, GTV, and increase in ARPU, while concealing the Company's declining organic growth and business deterioration; (ii) Lightspeed had overstated the benefits and value of the Company's various acquisitions; (iii) accordingly, the Company had overstated its financial position and prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

source: https://finance.yahoo.com/news/deadline-reminder-law-offices-howard-153000486.html

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