Investors can contact the law firm at no cost to learn more about recovering their losses.
LOS ANGELES, June 09, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Allbirds, Inc. (“Allbirds” or the “Company”) (NASDAQ: BIRD) investors that a lawsuit filed on behalf of investors that purchased Allbirds securities between November 4, 2021 and March 9, 2023, (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The plaintiff in this case alleges that Allbirds made materially false and misleading statements in its Registration Statement and throughout the Class Period. The allegations include that Allbirds overemphasized products that extended beyond its core offerings and underinvested in its core consumers' favorite products, which negatively impacted sales. On March 9, 2023, Allbirds announced a net loss for Q4 2022 and the full year 2022, which was higher than the guidance target. Allbirds also announced the creation of a strategic transformation plan to reignite growth and profitability, as well as the resignation of its CFO. On the same day, Allbirds held a conference call with analysts where Defendant Joseph Zwillinger, the Company's Co-CEO, explained that the poor results were driven in part by overemphasizing non-core products and underinvesting in core products. As a result of this news, Allbirds' stock price fell 47% to close at $1.25 per share on March 10, 2023.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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