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Lawsuit filed for Investors who lost money with shares of Nextdoor Holdings, Inc. (NYSE: KIND)

02-29-2024 08:27 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Nextdoor Holdings, Inc. (NYSE: KIND) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Nextdoor Holdings, Inc. (NYSE: KIND) shares over alleged securities laws violations.

An investor, who purchased shares of Nextdoor Holdings, Inc. (NYSE: KIND), filed a lawsuit over alleged violations of Federal Securities Laws by Nextdoor Holdings, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Nextdoor Holdings, Inc. (NYSE: KIND) have certain options and for certain investors are short and strict deadlines running. Deadline: April 29, 2024. NYSE: KIND investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

A San Francisco, CA based Nextdoor Holdings, Inc. operates as the neighborhood network that connects neighbors, businesses, and public services in the United States and internationally.

Nextdoor operates a hyperlocal online social networking platform that connects neighbors, public agencies, and businesses via the internet. Nextdoor was created through the November 5, 2021 merger of a privately held company called Nextdoor, Inc. and a publicly traded special purpose acquisition company (SPAC or blank-check company), then called Khosla Ventures Acquisition Co. II ("KV Acquisition Co."), with KV Acquisition Co. serving as the surviving entity and changing its name to Nextdoor Holdings, Inc. after the merger.

On November 8, 2021, Nextdoor, Inc. and Khosla Ventures Acquisition Co. II (Nasdaq: KVSB), a special purpose acquisition company sponsored by an affiliate of Khosla Ventures, LLC, completed their transaction to take Nextdoor public.

On March 1, 2022, Nextdoor Holdings, Inc. reported that the revenue growth rate in the fourth quarter had declined sequentially by 18% to 48% year-over-year growth, down from the 66% growth rate in the most recent quarter reported to investors. In addition, Nextdoor reported quarterly ARPU of $1.65, revealing that the ARPU growth rate in the quarter had declined substantially by 26% to just 12% year-over-year growth from 38% growth in the third quarter, which indicated that Nextdoor's ability to monetize its platform was faltering.

Then, on May 10, 2022, Nextdoor Holdings, Inc. revealed that its global WAUs growth had increased just 1% sequentially (from 32% year-over-year growth in the fourth quarter of 2021 to 33% year-over-year growth in the first quarter of 2022) and that U.S. WAUs had actually suffered a sequential decline of approximately one hundred thousand users.

Thereafter, on August 9, 2022, Nextdoor Holdings, Inc. revealed that its platform continued to materially decline, reporting that revenue growth slowed to just 19% year-over-year during the quarter and that Nextdoor's U.S. WAUs had declined for the second quarter in a row to 29.2 million.

Finally, on November 8, 2022, Nextdoor Holdings, Inc. reported that its revenues during the quarter declined sequentially by $1 million to $54 million, representing just 2% year-over-year growth, and that Nextdoor's quarterly ARPU growth was increasingly negative, contracting by 12% compared to the prior year quarter.

Shares of Nextdoor Holdings, Inc. (NYSE: KIND) declined from $18.59 per share in November 2021 to as low as $1.32 per share on January 17, 2024.

The plaintiff claims that between July 6, 2021 and November 8, 2022, the defendants made false and/or misleading statements and/or failed to disclose thatNextdoor's financial results prior to the merger had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor's platform and cannibalized future advertising revenue growth, that rather than being sustained, such growth trends had already begun reversing at the start between July 6, 2021 and November 8, 2022, that Nextdoor's total addressable market was materially smaller than the 312 million households represented to investors, and that by the start between July 6, 2021 and November 8, 2022, Nextdoor's most important market - the U.S. market - was already substantially saturated, impairing Nextdoor's ability to monetize users and increase its average revenue per weekly active user ("ARPU") or U.S. weekly active users ("WAUs").

Those who purchased shares of Nextdoor Holdings, Inc. (NYSE: KIND) 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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