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Lawsuit filed for Investors who lost money with shares of Allbirds, Inc. (NASDAQ: BIRD)

04-20-2023 04:11 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Allbirds, Inc. (NASDAQ: BIRD) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Allbirds, Inc. (NASDAQ: BIRD) shares over alleged securities laws violations.

An investor, who purchased shares of Allbirds, Inc. (NASDAQ: BIRD), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Allbirds, Inc. in connection with certain allegedly false and misleading statements made between November 4, 2021 and March 9, 2023.

If you purchased a significant amount of shares of Allbirds, Inc. (NASDAQ: BIRD) between November 4, 2021 and March 9, 2023, and / or if you purchased any NASDAQ: BIRD shares prior to November 2021 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 12, 2023. NASDAQ: BIRD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Allbirds, Inc. manufactures and sells footwear and apparel products for men and women in the United States and internationally.

On or around November 3, 2021, Allbirds conducted its initial public offering ("IPO"), issuing 20.2 million shares priced at $15.00

Allbirds, Inc. reported that its annual Total Revenue rose from $219.29 million in 2020 to $277.47 million in 2021, and that its Net Loss increased from $29.67 million in 2020 to $44.38 million in 2021.

Then, on March 9, 2023, after trading hours, Allbirds, Inc. issued a press release announcing "a strategic transformation plan to reignite growth in the coming years, as well as improve capital efficiency, and drive profitability" after falling short of expectations. In a separate press release, Allbirds announced the impending departure of its Chief Financial Officer.
On March 9, 2023, Allbirds, Inc also held a conference call with analysts to discuss its fourth quarter 2022 results. On the call, Joseph Zwillinger, the Company's Co-CEO, explained that Allbirds' poor results were driven in part by the fact that Allbirds "overemphasized products that extended beyond our core DNA." As a result, he explained, "some products and colors have had narrower appeal than expected" and "[b]ecause we were spending significant time and resources on these new products that did not resonate well, we underinvested in our core consumers' favorite products."

Shares of Allbirds, Inc. (NASDAQ: BIRD) declined to as low as $1.03 per share on March 15/16, 2023.

The plaintiff claims that between November 4, 2021 and March 9, 2023, the Defendants failed to disclose to investors that Allbirds, Inc. 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, Inc. 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.

Those who purchased shares of Allbirds, Inc. (NASDAQ: BIRD) 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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