Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 20, 2022 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Riskified Ltd. (NYSE: RSKD) (“Riskified” or the “Company”) investors that a class action filed on behalf of investors that purchased Riskified shares and lost money are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint alleges that Riskified’s IPO Registration Statement made inaccurate statements of material fact by failing to disclose adverse facts that existed at the time of the IPO, specifically that: (i) as its user base expanded, Riskified’s machine learning platform had deteriorated (rather than improved as previously represented); (ii) Riskified had expanded its customer base into industries with relatively high rates of fraud, including cryptocurrency and remittances payments; (iii) as a result, Riskified was experiencing significantly higher chargebacks and cost of revenue, coupled with depressed gross profits during its third fiscal quarter in 2021; (iv) the Registration Statement’s representations regarding historical financial and operations metrics and market opportunities did not accurately reflect the actual business prior to, and at the time of the IPO.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar