| COMPANY |
Reddit, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
3:25-cv-05144 |
| JUDGE |
Honorable James Donato |
| CLASS PERIOD |
October 29, 2024 through May 20, 2025 |
| SECURITY TYPE |
Securities |
Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Reddit, Inc. (“Reddit”) (NYSE: RDDT) securities between October 29, 2024 and May 20, 2025, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) changes in Google Search’s algorithm and features like AI Overview were causing users to stop their query on Google Search; (2) these algorithm changes were materially different than prior instances of reduced traffic to the Reddit website; (3) Defendants were aware that the increase in the query term “Reddit” on search engines was because users were getting the sought after answer from Google Search without having to go to Reddit, and not because they intended to visit Reddit; (4) this zero-click search reality was dramatically reducing traffic to Reddit in a manner the company was unable to overcome in the short term; (5) Defendants, therefore, lacked a reasonable basis for their outlook on user rates and advertising revenues; and (6) as a result, Reddit’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
Motions to Appoint Lead Plaintiff and Lead Counsel were filed on August 18, 2025. 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: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; 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.