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Lawsuit for Investors in Sonder Holdings Inc. (NASDAQ: SOND) filed in effort to recover losses

04-16-2024 09:37 PM CET | Politics, Law & Society

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Sonder Holdings Inc. (NASDAQ: SOND) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Sonder Holdings Inc. (NASDAQ: SOND) shares over alleged securities laws violations.

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

Investors who purchased shares of Sonder Holdings Inc. (NASDAQ: SOND) have certain options and for certain investors are short and strict deadlines running. Deadline: June 10, 2024. NASDAQ: SOND investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Sonder Holdings Inc. engages in the hospitality business.

Sonder Holdings Inc. reported that its annual Total Revenue rose from $232.94 million in 2021 to $461.08 million in 2022, and that its Net Loss declined from $294.38 million in 2021 to $165.74 million in 2022.

On March 15, 2024, Sonder Holdings Inc. disclosed that it would be unable to timely file its fourth quarter and full year 2023 financial results, and that it had determined that the Company's financial statements for the year ended December 31, 2022 and the first three quarters of 2023 "should no longer be relied upon due to accounting errors related to the valuation and impairment of operating lease right of use assets and related items." Additionally, the Company stated that it anticipates an ongoing assessment "will result in one or more material weaknesses in the Company's internal control over financial reporting during the applicable periods, in addition to the Company's previously identified and reported material weaknesses."

Shares of Sonder Holdings Inc. (NASDAQ: SOND) declined from $7.49 per share in February 2024, to $2.85 per share on April 01, 2024.

The plaintiff claims that between March 16, 2023 and March 15, 2024, the Defendants failed to disclose to investors that Sonder failed to disclose all issues with its internal controls, that Sonder's financial statements for the 2022 Annual Report and the interim periods ended March 31, June 30, and September 30, 2023 contained material errors in the way the Company accounted for the valuation and impairment of operating lease ROU assets, that as a result, Sonder would need to restate its previously issued financial statements for those periods, and that as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Sonder Holdings Inc. (NASDAQ: SOND) 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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