NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Lightspeed Commerce, Inc. (NYSE: LSPD), Owlet, Inc. (NYSE: OWLT), Peloton Interactive, Inc. (NASDAQ: PTON), and Zhangmen Education, Inc. (NYSE: ZME). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Lightspeed Commerce, Inc. (NYSE: LSPD)
Class Period: September 11, 2020 – November 3, 2021
Lead Plaintiff Deadline: January 18, 2022
The complaint filed alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Lightspeed had misrepresented the strength of its business by, inter alia, overstating its customer count, GTV, and increase in ARPU, while concealing the Company's declining organic growth and business deterioration; (ii) Lightspeed had overstated the benefits and value of the Company's various acquisitions; (iii) accordingly, the Company had overstated its financial position and prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
For more information on the Lightspeed Commerce class action go to: https://bespc.com/cases/LSPD
Owlet, Inc. (NYSE: OWLT)
Class Period: March 31, 2021 – October 4, 2021
Lead Plaintiff Deadline: January 18, 2021
The complaint filed in this class action alleges that 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: (1) that Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA concluded it was a medical device; (2) that, as a result, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the U.S. until it obtained the requisite approval; and (3) that, 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.
For more information on the Owlet class action go to: https://bespc.com/cases/OWLT
Peloton Interactive, Inc. (NASDAQ: PTON)
Class Period: December 9, 2020 – November 4, 2021
Lead Plaintiff Deadline: January 18, 2022
According to the complaint, Defendants repeatedly represented that the Company's positive results and growth would continue after the pandemic. Defendants also allegedly made false and misleading statements about the amount of inventory that Peloton held, and touted the Company’s ability to keep its inventory levels in line with sustained demand.
On August 26, 2021, the Company disclosed that it had identified a material weakness in its internal controls over financial reporting “with respect to identification and valuation of inventory.” However, at the same time that Peloton disclosed the weakness in its internal controls, Defendants continued to misrepresent and conceal the unsustainable nature of Peloton’s financial results and growth post-COVID, issuing guidance of $5.4 billion of total revenue for fiscal year 2022, representing 34% year-over-year growth.
As a result of these disclosures, the price of Peloton common stock declined by $9.75, or 8.5%, from a closing price of $114.09 per share on August 26, 2021 to a closing price of $104.34 per share on August 27, 2021.
Then, on November 4, 2021, the Company announced second quarter financial results that fell far short of expectations and reduced its total revenue guidance for fiscal 2022 by a staggering $1 billion. Peloton further disclosed that inventory had skyrocketed to $1.27 billion, 91% of which comprised "finished products" that the Company still held. On Peloton's November 4 earnings conference call with investors, Defendants admitted that Peloton overestimated demand and underestimated the impact of gyms reopening as the pandemic subsides. As a result of these disclosures, Peloton’s stock price declined by $30.42 per share, or over 35%, from a closing price of $86.06 per share on November 4, 2021, to a closing price of $43.68 per share on November 5, 2021.
For more information on the Peloton class action go to: https://bespc.com/cases/PTON
Zhangmen Education, Inc. (NYSE: ZME)
Class Period: June 8, 2021 IPO
Lead Plaintiff Deadline: January 18, 2022
According to the Complaint, the Company made false and misleading statements to the market. Zhangmen was the subject of the Chinese government’s largescale reform of the private education market which include prohibitions on profit-making and raising capital. The known risks and uncertainties were likely to have a material negative impact on the Company’s future prospects. Based on these facts, the Company’s public statements and IPO documents were false and materially misleading throughout the IPO period.
For more information on the Zhangmen Education class action go to: https://bespc.com/cases/ZME
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
