Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (NYSE: KIND) investors that a lawsuit was filed on behalf of investors that purchased Nextdoor securities between July 6, 2021 and November 8, 2022 inclusive (the “Class Period”).
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.
Nextdoor, a hyperlocal online social networking platform, was formed through a merger on November 5, 2021, between Nextdoor, Inc. and the SPAC Khosla Ventures Acquisition Co. II, which then became Nextdoor Holdings, Inc. The class action lawsuit against Nextdoor alleges that during the Class Period, the company made false/misleading statements and failed to disclose: (i) its financial results had been temporarily boosted by the COVID-19 pandemic, leading to inflated demand and future revenue growth cannibalization; (ii) growth trends were already declining; (iii) its total addressable market was significantly less than claimed; and (iv) by the Class Period start, the U.S. market was nearly saturated, limiting user monetization and growth in average revenue per weekly active user. Subsequent earnings reports revealed declining revenue growth, ARPU, and U.S. weekly active users, leading to significant drops in Nextdoor's stock price, ultimately harming investors.
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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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