Philadelphia, Pennsylvania--(Newsfile Corp. - June 1, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Allbirds, Inc. ("Allbirds") (NASDAQ: BIRD) on behalf of those who purchased: (a) Allbirds Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with Allbirds' November 2021 initial public offering ("IPO" or the "Offering"); and/or (b) Allbirds securities between November 4, 2021 and March 9, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Allbirds securities during the Class Period may, no later than June 12, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015, or visit: https://investigations.bergermontague.com/allbirds/.
Allbirds is a footwear and apparel company. Footwear represents the majority of Allbirds' revenue and brand. Its core products include lifestyle and performance shoes, such as the Dasher and the Runner.
On November 4, 2021, Allbirds filed its prospectus on a Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, Allbirds sold approximately 16,850,799 shares of Class A common stock at a price of $15.00 per share. Allbirds received proceeds of approximately $237 million from the Offering, net of underwriting discounts and commissions.
The complaint alleges that in the Registration Statement and throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Allbirds' business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose to investors that: (1) Allbirds was overemphasizing products that extended beyond its core offerings; (2) Allbirds' non-core products had a narrower appeal and were not resonating with customers as well as its core products; (3) Allbirds was underinvesting in its core consumers' favorite products to push its newer products with narrower appeal; (4) underinvesting in Allbirds' core products was negatively impacting the company's sales; and (5) as a result of the foregoing, the defendants' positive statements about Allbirds' business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding Allbirds is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
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