Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Lightspeed To Contact Him Directly To Discuss Their Options
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) and reminds investors of the January 18, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $50,000 investing in Lightspeed stock or options between September 11, 2020 and November 3, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Lightspeed had misrepresented the strength of its business by, inter alia, overstating its customer count, gross transaction volume (“GTV”), and increase in Average Revenue Per User (“ARPU”), while concealing the Company’s declining organic growth and business deterioration; (2) Lightspeed had overstated the benefits and value of the Company’s various acquisitions; (3) accordingly, the Company had overstated its financial position and prospects; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On September 29, 2021, market analyst Spruce Point Capital Management published a report regarding Lightspeed. Spruce Point also issued a press release summarizing its findings. The summary stated, among other things, that “[e]vidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors’”; that there was “[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing”; and that the Company’s “[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices.”
On this news, Lightspeed’s stock price fell $13.73 per share, or 12.2%, to close at $98.77 per share on September 29, 2021.
Lightspeed Commerce Inc.
* The submission of this form does not create an attorney-client relationship.
Filed on 11/17/2021
Class period 09/11/2020 - 09/28/2021
Lead Plaintiff Deadline 01/18/2022
44 days remaining
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