Philadelphia, Pennsylvania--(Newsfile Corp. - December 16, 2021) - Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Lightspeed Commerce Inc. ("Lightspeed" or the "Company") (NYSE: LSPD) between September 11, 2020 and November 3, 2021 (the "Class Period").
If you purchased Lightspeed securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Lightspeed is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed complaint, Lightspeed misrepresented and/or failed to disclose that the Company:
(i) Overstated its pre-IPO customer count by 85%;
(ii) Overstated its pre-IPO gross transaction volume- a payment volume metric that a former employee describes as "smoke and mirrors" - by 10%;
(iii) Concealed declining organic growth and ongoing business deterioration; and
(iv) Had been operating the Company with defective internal controls and ineffective oversight of its accounting practices by its outside audit firm.
When Spruce Point Capital published a report revealing the truth about Lightspeed's finances and prospects, shares fell precipitously.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107848
