LIGHTSPEED TRADE ALERT: Bragar Eagel & Squire, PC Investigates Lightspeed on Behalf of Lightspeed Shareholders and Encourages Investors to Contact the Company
NEW YORK–(COMMERCIAL THREAD) – Bragar Eagel & Squire, PC, a nationally recognized law firm, is investigating potential claims against Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) on behalf of Lightspeed shareholders. Our investigation focuses on whether Lightspeed has violated federal securities laws and / or engaged in other illegal business practices.
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On September 29, 2021, market analyst Spruce Point Capital Management (“Spruce Point”) released a report regarding Lightspeed. Spruce Point also issued a press release summarizing its findings. The summary stated, among other things, that “[e]evidence shows Lightspeed massively inflated its business prior to the IPO, overestimating its customer base by 85% and gross transaction volume (“GTV”) by 10% – a measure of payment volume that a former employee described as “smoke and mirrors”; that there was “[e]evidence of declining organic growth and deterioration in business from Lightspeed IPO, despite management claims that average revenue per user (“ARPU”) is increasing “; that the Company “[r]the recent wave of acquisitions has resulted in escalating costs with no clear path to profitability, as management continues aggressive tax reporting practices ”; and that there was “[w]poor governance standards and worrying auditor oversight by PwC under the direction of a worrying CFO, which was linked to a previous tech roll-up scandal.
On this news, the Lightspeed stock price fell $ 13.73 per share, or 12.2%, to close at $ 98.77 per share on September 29, 2021.
If you have purchased or acquired Lightspeed shares and suffered a loss, are a long-time shareholder, have information, want to know more about these claims or have questions regarding this announcement or your rights or interests in these claims. questions, please contact Brandon Walker, Melissa Fortunato or Marion Passmore by email at [email protected], by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation for you.