Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a lawsuit was filed on behalf of investors that purchased Instacart (NASDAQ: CART) (a) common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering ("IPO") conducted on or about September 19, 2023; and/or (b) securities between September 19, 2023 and October 1, 2023.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 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.
Maplebear Inc., operating as Instacart (CART), faced a lawsuit for allegedly failing to disclose critical information to investors during its initial public offering (IPO) in September 2023. The complaint states that after the IPO, the company's stock price dropped due to "lukewarm analyst reports" and concerns about competition from DoorDash and Uber Technologies, as well as doubts about the growth of online grocery delivery adoption. These undisclosed factors led to the stock trading below its $30.00 per share offering price, causing harm to investors.
The plaintiff claims that Instacart and its defendants did not adequately reveal three important details: 1) They overstated the acceleration of online grocery shopping and delivery among consumers, 2) They downplayed the level of competition in the online grocery market, and 3) Consequently, they exaggerated the company's post-IPO growth, business, and financial prospects.
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The Portnoy Law Firm represents investors in pursuing claims 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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