A securities class action has been filed in the USDC – CO. against Ibotta, Inc. (IBTA) (“Ibotta” or the “Company”), on behalf of all persons and entities that purchased or otherwise acquired publicly traded Ibotta securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Ibotta’s April 18, 2024 initial public offering (the “IPO” or “Offering”)
Defendant Ibotta purports to be a technology company that allows consumer packaged goods brands to deliver digital promotions to millions of consumers through its network called the Ibotta Performance Network.
The complaint alleges that the Registration Statement contained false and/or misleading statements and/or failed to disclose the risks concerning Ibotta’s contract with The Kroger Co. (“Kroger”). Kroger’s contract was at-will, and Ibotta failed to warn investors that a large client could cancel their contract with Ibotta without warning. Despite providing a detailed explanation of the terms of Ibotta’s contract with another large customer, there was not a single warning of the at-will nature of Kroger’s contract. Rather than disclosing the very real risk of a major client walking away at any time, Ibotta provided boilerplate warnings concerning the importance of maintaining ongoing relationships with their clients. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Ibotta securities pursuant and/or traceable to the registration statement issued in connection with Ibotta’s April 18, 2024 IPO and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.