Context Logic, Inc.
On May 12, 2020, ContextLogic announced their 1Q21 financial results for the period ending March 31, 2021. These results showed a decline in the Company’s monthly active users of 7% and a miss on their forward sales guidance. This news came after ContextLogic reported a 10% decline in monthly active users at the time of their December 2020 IPO.
On this news, ContextLogic’s common stock price declined by 29%, or $3.36, to close at $8.11 on May 13, 2021.
The Complaint alleges that ContextLogic and its executives overstated its monthly active users and monthly active user growth trends, misleading statements to investors about the strength of the Company’s business operations and financial prospects.
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