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Lightspeed Commerce Inc.

Securities Class Action

  • Date:
  • 1/18/2022
  • Company Name:
  • Lightspeed Commerce Inc.
  • Stock Symbol:
  • LSPD
  • Class Period:
  • FROM 9/11/2020 TO 11/3/2021
  • Status:
  • Filed
  • Court:
  • U.S. District Court: Eastern District of New York

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Lightspeed securities between September 11, 2020 and November 3, 2021, both dates inclusive (the “Class Period”). Investors have until January 18, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On September 29, 2021, Spruce Point Capital Management published a report alleging, among other things, that the Company was “overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10%.” The report also stated there was “[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing.”
 

On this news, Lightspeed’s share price fell $13.73 per share, or more than 12%, to close at $98.77 per share on September 29, 2021, thereby injuring investors.
 

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.
 

If you purchased or otherwise acquired Lightspeed shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the form below.  There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Lightspeed Commerce Inc. . BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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