NEW YORK, NY / ACCESSWIRE / October 27, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Roblox Corporation ("Roblox" or the "Company") (NYSE:RBLX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Roblox and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 8, 2024, Hindenburg Research ("Hindenburg") published a report entitled "Roblox: Inflated Key Metrics For Wall Street And a Pedophile Hellscape for Kids." The Hindenburg report stated that its "research indicates that Roblox is lying to investors, regulators, and advertisers about the number of ‘people' on its platform, inflating the key metric by 25-42%+." Hindenburg further asserted that "[b]eyond inflated key user metrics, our in-game research revealed an X-rated pedophile hellscape, exposing children to grooming, pornography, violent content and extremely abusive speech."
Following publication of the Hindenburg Report, Roblox's stock price fell $0.88 per share, or 2.13%, to close at $40.51 per share on October 8, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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