BOSTON, May 03, 2022 (GLOBE NEWSWIRE) — Block & Leviton announces that a class action lawsuit has been filed against Riskified Ltd. (NYSE: RSKD) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/rskd.
What is this all about?
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.
Who is eligible?
Anyone who purchased Riskified Ltd. stock between July 25, 2021 and May 2, 2022 is eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is July 1, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation’s top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.
This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP