NEW YORK, Jan. 09, 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, 2022
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.
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
In June 2021, Zhangmen, an education company focused on providing personalized online courses to K-12 students in China, conducted its initial public offering (“IPO”), selling 4,166,450 ADSs at a price of $11.50 per ADS.
Then, on July 23, 2021 China revealed an extensive overhaul of its education sector, prohibiting companies that teach the school curriculum from making profits, raising capital or going public. This effectively ended China’s $120 billion private tutoring industry.
On July 26, 2021, Zhangmen issued a release stating that these new guidelines were likely “to have material impacts on our existing business operations, financial condition and corporate structure.”
Then, on November 19, 2021, Zhangmen announced that its independent auditor had resigned.
On November 19, 2021, the Company’s share price closed at $1.47 per ADS, an 80% decline from the IPO price.
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
