Lawsuit filed for Investors who lost money with shares of Ibotta, Inc. (NYSE: IBTA)

An investor, who purchased shares of Ibotta, Inc. (NYSE: IBTA), filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Ibotta, Inc. (NYSE: IBTA in connection with certain allegedly false and misleading statements made in connection with Ibotta's April 18, 2024 initial public offering (the "IPO").

Investors who purchased shares of Ibotta, Inc. (NYSE: IBTA) have certain options and for certain investors are short and strict deadlines running. Deadline: June 16, 2025. NYSE: IBTA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Denver, CO based Ibotta, Inc. operates as a technology company that offers Ibotta Performance Network (IPN) that allows consumer packaged goods brands to deliver digital promotions to consumers. Ibotta, Inc. reported that its annual Total Revenue rose from $210.7 million in 2022 to $320.03 million in 2023, and that its Net Income declined from $38.11 million in 2022 to $2.39 million in 2023.

In April 2024, Ibotta, Inc. went public and sold over 6.5 million shares at $88 per share.

On August 13, 2024, Ibotta, Inc. disclosed its financial results for the second quarter, marking its first report since its initial public offering (IPO), revealing a net loss of $34.0 million, which constitutes 39% of its revenue for the period. The company reported a 19% decline in direct-to-consumer redemptions on a year-over-year basis, accompanied by a 7% reduction in the number of direct-to-consumer redeemers. Furthermore, the total number of redemptions per redeemer exhibited a notable year-over-year decrease of 39%. Additionally, the revenue generated per redemption exhibited a year-over-year decline of 19%.

Shares of Ibotta, Inc. (NYSE: IBTA) declined from $110 per share in April 2024 in the open market to as low as $41.87 per share on August 15, 2024.
The plaintiff claims that the Registration Statement that was filed in connection with with Ibotta's April 18, 2024 IPO 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, that 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, that 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, and that when the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Ibotta, Inc. (NYSE: IBTA) 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.

This release was published on openPR.