Press release
Investigation announced for Investors in shares of Root, Inc. (NASDAQ: ROOT)
An investigation for investors in Root, Inc. (NASDAQ: ROOT) shares over potential securities laws violations by Root, Inc.
Investors who purchased shares of Root, Inc. (NASDAQ: ROOT), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Root, Inc. (NASDAQ: ROOT) concerning whether a series of statements by Root, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Columbus, OH based Root, Inc. provides insurance products and services in the United States.
On or around October 27, 2020, Root, Inc. (NASDAQ: ROOT) conducted its initial public offering ("IPO"), selling 26.8 million shares of common stock priced at $27.00 per share.
Root, Inc. reported that its annual Total Revenue rose from $290.2 million in 2019 to $346.8 million in 2020, and that its Net Loss increased from $260.1 million in 2019 to $363 million in 2020.
On March 9, 2021, BofA Securities analyst Joshua Shanker initiated coverage of Root, Inc. (NASDAQ: ROOT) with an "Underperform" rating on the premise that the Company is unlikely to be cash flow positive until 2027, finding that Root, Inc. "will require not insignificant cash infusions from the capital markets to bridge its cash flow needs."
Shares of Root, Inc. (NASDAQ: ROOT) declined to as low as $10.88 per share on March 15, 2021.
Those who purchased shares of Root, Inc. (NASDAQ: ROOT) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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