OAKLAND, Calif.--(BUSINESS WIRE)--Shares of Lightspeed Commerce Inc. dropped 12% on September 29, 2021, after a Spruce Point Capital Management report claimed Lightspeed “massively” overstated its customer count and aggressively promoted other misleading metrics to hide poor revenue growth. Lightspeed then plummeted as much as 30% in intraday trading on November 4, 2021 after its quarterly report offered weak guidance. A Lightspeed Securities Class Action Lawsuit has been filed, and investors who lost money in Lightspeed (NASDAQ: LSPD) are encouraged to contact Gibbs Law Group for more information about their legal rights and options for participation.
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Wednesday, September 29, 2021, Spruce Point Capital Management issued a report denouncing commerce platform company Lightspeed for allegedly misleading investors by inflating its growth prospects. The report claims Lightspeed “overstat[ed] its customer count by 85%” before it IPO’d in September 2020. The report further claims that in its prospectus at its IPO, Lightspeed claimed a Total Addressable Market of $113 billion that would grow to $542 billion, but a more recent prospectus in 2021 gave a TAM of only $16 billion, an 85% drop. Spruce Point claims most price targets of Lightspeed are “inflated” by the company’s many recent acquisitions, which one former employee reportedly characterized as “plagued by...
[OSEN=Seon Mi-kyung Reporter] Rapper Yang Hong-won, who has sparked controversy over infidelity allegations just five days after his marriage, is drawing attention for reportedly singing his wife W...