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Roblox Corporation (NYSE: RBLX) Securities Fraud Class Action

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COMPANY       Roblox Corporation 
COURT United States District Court for the Northern District of California
CASE NUMBER 24-cv-03484
JUDGE The Hon. Maxine M. Chesney
CLASS PERIOD  November 15, 2023 through May 8, 2024


If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at

Case Background:

A class action lawsuit has been filed on behalf of those who purchased or acquired Roblox Corporation (“Roblox”) (NYSE: RBLX) securities between November 15, 2023 and May 8, 2024, both dates inclusive (the “Class Period”). 

In November 2023, Roblox provided investors with material information concerning the company's expected revenue for the first quarter of 2024 and fiscal year 2024. This was the first time Roblox offered earnings and revenue guidance to its investors since the company went public in 2021. Roblox's statements included, among other things, that Roblox expected $4.14 billion to $4.28 billion of "bookings" in fiscal year 2024—reflecting 25%-27% annual growth—and $3.3 billion to $3.4 billion annual revenue. 

Then on February 7, 2024, during an earnings call, Roblox reiterated its first quarter 2024 and fiscal year 2024 earnings projections as well as its strength in its new technology and digital economy.

On May 9, 2024, Roblox reported its financial results for the first quarter of 2024 and provided updated guidance. Among other things, Roblox advised that the company expects bookings revenue of $870 million to $900 million for the second quarter of 2024, compared to analyst expectations of $929 million, and bookings revenue of $4 billion to $4.1 billion for the full year, significantly lower than the Roblox's earlier forecast of $4.14 billion to $4.28 billion.

On this news, Roblox's stock price fell $8.61 per share, or 22.06%, to close at $30.42 per share on May 9, 2024.

The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Defendants created the false impression that they possessed reliable information pertaining to Roblox’s projected revenue outlook and anticipated bookings growth.  According to the complaint, in fact, Roblox faced difficulty converting daily active users into bookings and eventually blamed the very technology and platform growth Roblox lauded as revolutionary and revenue-generating for this bookings problem.

What is a Lead Plaintiff?

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.

Complete this form with your transactions in Roblox Corporation securities between November 15, 2023 and May 8, 2024.

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* Denotes required field
# of Shares
Price per Share
Principal Amount
Amount Paid
Series or CUSIP
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Roblox Corporation prior to the Class Period?
Are you a current or former employee of Roblox Corporation ?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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