| COMPANY |
Allbirds, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
23-cv-01811 |
| JUDGE |
The Hon. Araceli Martinez-Olguin |
| CLASS PERIOD |
November 4, 2021 and March 9, 2023 and/or Class A Common Stock pursuant and/or traceable to Allbirds November 2021 IPO |
| SECURITY TYPE |
Class A Common Stock and/or Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Allbirds, Inc. (NASDAQ: BIRD) (“Allbirds”) Class A common stock: (1) pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the company’s November 2021 initial public offering (“IPO”); and/or (2) Allbirds securities between November 4, 2021 and March 9, 2023, both dates inclusive (the “Class Period”).
The complaint alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Allbirds was overemphasizing products that extended beyond the company’s core offerings; (2) the company’s non-core products had a narrower appeal and were not resonating with customers as well as the company’s 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, Defendants’ positive statements about the company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On September 15, 2023 the Lead Plaintiffs filed an Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.