A securities class action has been filed in the USDC – N.D. CA. against Allbirds, Inc. (BIRD) on behalf of a class of all persons and entities who purchased or otherwise acquired: (a) Allbirds, Inc. (“Allbirds” or the “Company”) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s November 2021 initial public offering (“IPO” or the “Offering”); and/or (b) Allbirds securities between November 4, 2021 through March 9, 2023 (the “Class Period”).
The Complaint alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
- that Allbirds was overemphasizing products that extended beyond the Company’s core offerings;
- that the Company’s non-core products had a narrower appeal and were not resonating with customers as well as the Company’s core products;
- that Allbirds was underinvesting in its core consumers’ favorite products to push the Company’s newer products with narrower appeal;
- that underinvesting in Allbirds’ core products was negatively impacting the Company’s sales; and
- that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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