NEW YORK, Oct. 15, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Lightspeed Commerce Inc. («Lightspeed» or the «Company») (NYSE: LSPD). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Lightspeed and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 29, 2021, market analyst Spruce Point Capital Management («Spruce Point») published a report regarding Lightspeed. Spruce Point also published a press release summarizing its findings. The summary stated, among other things, that «[e]vidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors'»; that there was «[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing»; that the Company’s «[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices»; and that there were «[w]eak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.»
On this news, Lightspeed’s share price fell $13.73 per share, or 12.2%, to close at $98.77 per share on September 29, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP