Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 05, 2022 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Riskified Ltd. (“Riskified” or “the Company”) (NYSE: RSKD) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Riskified investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
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 investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Riskified’s machine learning platform degraded in quality as its userbase expanded, despite its promises that the platform would improve. This loss of quality was in part caused by algorithm flaws associated with new merchants and new geographic areas. The Company expanded its operations into industries that suffer from high rates of fraud, such as cryptocurrencies, further damaging the effectiveness of its platform. Based on these business decisions, the Company suffered from higher chargebacks, higher cost of revenue, and lower gross profits in the third quarter of 2021. Based on these facts, the Company’s public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Riskified, investors suffered damages.
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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.