The Allbirds class action lawsuit seeks to represent purchasers or acquirers of: (a) Allbirds, Inc. (NASDAQ: BIRD) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Allbirds’ November 2021 initial public offering (the “IPO”); and/or (b) Allbirds securities between November 4, 2021 and March 9, 2023, inclusive (the “Class Period”). Captioned Shnayder v. Allbirds, Inc., No. 23-cv-01811 (N.D. Cal.), the Allbirds class action lawsuit charges Allbirds and certain of its top executives, directors, and IPO underwriters with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you suffered losses in Allbirds and wish to serve as lead plaintiff in the class action against Allbirds, please provide your information below. You can also contact Allbirds Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Allbirds class action lawsuit must be filed with the court no later than June 12, 2023. If you suffered losses in Allbirds stock and have questions, please contact Allbirds Stock Loss Lawyer Timothy L. Miles today.
The Allegations in the Allbirds Class Action Lawsuit
Allbirds is a footwear and apparel company.
The Allbirds class action lawsuit alleges that the IPO’s Registration Statement and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Allbirds was overemphasizing products that extended beyond Allbirds’ core offerings; (ii) Allbirds’ non-core products had a narrower appeal and were not resonating with customers as well as Allbirds’ core products; (iii) Allbirds was underinvesting in its core consumers’ favorite products to push Allbirds’ newer products with narrower appeal; and (iv) underinvesting in Allbirds’ core products was negatively impacting Allbirds’ sales.
On March 9, 2023, Allbirds announced disappointing fourth quarter 2022 financial results and explained that its poor financial results were driven in part by overemphasis on “products that extended beyond [Allbirds’] core DNA.” Allbirds further disclosed that “some products and colors have had narrower appeal than [Allbirds] expected” and “[b]ecause [Allbirds was] spending significant time and resources on these new products that did not resonate well, [Allbirds] underinvested in [its] core consumers’ favorite products.” Allbirds also announced that its Chief Financial Officer, Michael Bufano, was stepping down. On this news, the price of Allbirds’ stock fell more than 47%, damaging investors who suffered losses in Allbirds stock.
As of when the Allbirds class action lawsuit was filed, Allbirds’ stock continued to trade below the $15.00 per share IPO price.
The Lead Plaintiff Process in the Class Action Against Allbirdst
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Allbirds stock to seek appointment as lead plaintiff in the in the Allbirds class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Allbirds stock, and have further questions, contact Allbirds stock loss Lawyer Timothy L. Miles today who will fight to recover your damages.
The Benefits of Serving as Lead Plaintiff in the Class Action Against Allbirds
Serving as a Lead Plaintiff in the Allbirds class action lawsuit has several advantages and important benefits including:
You Can Participate in the Allbirds Class Action Lawsuit if You Acquired Your Shares in My 401(k) or IRA Account
As long as the shares were purchased during the class period then you suffered losses Allbirds stock and are eligible to participate in the class action against Allbirds.
An Allbirds Stock Loss Lawyer Can Help You if You Suffered Losses in Allbirds Stock
An Allbirds stock loss lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct.
It Does Cost Anything to Hire an Allbirds Stock Loss Lawyer if You Suffered Losses in Allbirds Stock
If you suffered losses in Allbirds stock and are a member of the class, it does not cost anything to hire an Allbirds stock loss lawyer. Our firm litigates securities fraud cases on a contingent fee basis, so plaintiffs and the class do not pay attorneys’ fees or court costs unless there is a recovery, and the attorney fees and cost are awarded by the court as a percentage of the total recovery for the class.
Contact an Allbirds Stock Loss Lawyer Today
If you suffered losses Allbirds stock, contact Allbirds stock loss lawyer Timothy L. Miles today for a free case evaluation about a class action against Allbirds.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
Email: [email protected]
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