Allbirds, Inc. (NASDAQ: BIRD) Securities Fraud Class Action

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Please complete this form relating to your transactions for Allbirds, Inc. (NASDAQ: BIRD) 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”).

You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at info@ktmc.com; or you may click here to print a PDF of this form.

Information Sheet

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# of Shares

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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

Allbirds investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than June 12, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.

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”).

Case Background:
In November 2021, Allbirds conducted its IPO, selling approximately 16,850,799 shares of Class A common stock at $15.00 per share.

On March 9, 2023, after the market closed, Allbirds issued a press release announcing a fourth quarter 2022 net loss of $24.9 million and a full year 2022 net loss of $101.4 million. The company also announced a full year 2022 adjusted EBITDA loss of $60.4 million, which was higher than the guidance target that estimated an adjusted EBITDA loss of $42.5 million to $37.5 million. Allbirds also disclosed that, in response to these negative results, it created a “strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability.” The plan purportedly focused on four areas: (1) reigniting product and brand, (2) optimizing U.S. stores and slowing the pace of openings, (3) evaluating transition of international go-to-market strategy, and (4) improving cost savings and capital efficiency.

The same day, March 9, 2023, Allbirds held a conference call with analysts to discuss its fourth quarter 2022 results. On the call, Defendant Joseph Zwillinger, the company’s Co-CEO, explained that Allbirds’ poor results were driven in part by the fact that Allbirds “overemphasized products that extended beyond our core DNA.” As a result, he explained, “some products and colors have had narrower appeal than expected” and “[b]ecause we were spending significant time and resources on these new products that did not resonate well, we underinvested in our core consumers’ favorite products.” In addition, after the market closed, Allbirds announced that its CFO was stepping down.

Following this news, Allbirds’ stock price fell $1.11, or 47%, to close at $1.25 per share on March 10, 2023. By the commencement of the filing of the complaint, Allbirds’ stock price had closed as low as $1.06 per share, a 92.9% decline from the company’s $15.00 per share IPO price.

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.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or 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.

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.