LEGAL GUIDES FOR INVESTORS
If you suffered losses in Roblox stock, contact Roblox stock loss lawyer Timothy L. Miles about a Roblox class action lawsuit
INTRODUCTION TO THE ROBLOX CLASS ACTION LAWSUIT
The Roblox class action lawsuit seeks to represent purchasers or acquirers of Roblox Corporation (NYSE: RBLX) Class A common stock between March 10, 2021 and February 15, 2022, inclusive (the “Class Period”). Captioned DeKalb County Pension Fund v. Roblox Corporation, No. 23-cv-10347 (S.D.N.Y.), the Roblox class action lawsuit charges Roblox and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Roblox stock and wish to serve as lead plaintiff in the Roblox class action lawsuit, or just have general questions about your rights as a shareholder, please contact Roblox Stock Loss Lawyer Timothy L. Miles at no charge, by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form.
Lead plaintiff motions for the Roblox class action lawsuit must be filed with the court no later than January 26, 2024.
Read on for answers to seven frequently asked questions from investors in the Roblox class action lawsuit.
what are the ALLEGATIONS IN THE ROBLOX CLASS ACTION LAWSUIT?
Roblox operates a video game platform that provides developers with tools to create games that are hosted on Roblox’s servers. Roblox generates revenue by selling its proprietary currency (called “Robux”) to its users so they can purchase digital items (e.g., weapons, armor, or vehicles) to enhance their gaming experiences.
The Roblox class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the Roblox platform had insufficient content controls and lacked user spending restrictions; (ii) these inadequate controls enabled younger Roblox users to play games with inappropriate content and make excessive, unauthorized Robux purchases; (iii) a material portion of Roblox’s bookings and revenue growth was due to these excessive, unauthorized Robux purchases; (iv) fourth quarter 2021 and 2022 bookings would be negatively impacted by Roblox’s planned rollout of enhanced parental controls; and (v) as a result, Roblox’s bookings and revenue growth was unsustainable throughout the Class Period.
The Roblox class action lawsuit further alleges that on February 15, 2022, Roblox disclosed poor fourth quarter 2021 results, including $770.1 million in bookings which was well short of the $786.8 million analyst consensus target. Key performance indicators on audience size and engagement both showed sequential and year-over-year declines, according to the complaint. The Roblox class action lawsuit alleges that on this news, the price of Roblox stock fell more than 26%.
WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE ROBLOX CLASS ACTION LAWSUIT?
First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the Roblox class action lawsuit and file your own separate lawsuit. Note, that if you opt out, you will not be able to participate in any settlement or recovery obtained in the Roblox class action lawsuit.
WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE ROBLOX CLASS ACTION LAWSUIT?
Serving as a Lead Plaintiff in the Roblox class action lawsuit has several advantages and important benefits including:
Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a Roblox class action lawsuit if you suffered significant losses in Roblox stock.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE ROBLOX CLASS ACTION LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Roblox class action lawsuit . Some of the responsibilities of the Lead Plaintiff in the Roblox class action lawsuit include:
WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE ROBLOX CLASS ACTION LAWSUIT SETTLES?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Roblox class action lawsuit Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Roblox class action lawsuit on behalf of investors who suffered losses in Roblox stock.
CAN I BE LEAD PLAINTIFF IN THE ROBLOX CLASS ACTION LAWSUIT IF I AM LEAD PLAINTIFF IN ANOTHER CASE?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Roblox stock, you may move to be appointed lead plaintiff in the Roblox class action lawsuit.
HOW WAS THE CLASS PERIOD DETERMINED IN THE ROBLOX LAWSUIT?
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
In order to be a part of the class in the Roblox lawsuit, you must have suffered losses in Roblox stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the Roblox lawsuit.
CONTACT A ROBLOX STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN ROBLOX STOCK ABOUT A ROBLOX CLASS ACTION LAWSUIT
If you suffered losses in Roblox stock, contact Roblox stock loss lawyer Timothy L. Miles today for a free case evaluation about a Roblox class action lawsuit. Call today and see what a Roblox stock loss lawyer could do for you if you suffered losses in Roblox stock.
Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. 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,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), 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); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); Americas Most Honored Lawyers 2020 â€“ Top 1% by America's Most Honored (2020-2022). 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 or call for free anytime.
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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