The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Allbirds, Inc. (“Allbirds” or the “Company”) (NASDAQ: BIRD) securities during the period from November 4, 2021 through March 9, 2023 (the “Class Period”). Investors have until June 12, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Allbirds is a footwear and apparel company. Allbirds conducted its IPO on November 4, 2021, selling 16.85 million shares at a price of $15.00 per share.
On March 9, 2023, Allbirds issued a press release announcing that Mike Bufano was stepping down as the Company’s Chief Financial Officer and that Annie Mitchell was taking his place, effective April 24, 2023. On the same day, Allbirds also issued a press release reporting fourth quarter and full year 2022 financial results, which revealed a full year 2022 net loss of $101.4 million. On this news, the price of Allbirds shares declined by $1.11 per share, or approximately 47.03%, from $2.36 per share to close at $1.25 on March 10, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) Allbirds was overemphasizing products that extended beyond the Company’s core offerings; (2) the Company’s non-core products had a narrower appeal and were not resonating with customers as well as the Company’s core products; (3) Allbirds was underinvesting in its core consumers’ favorite products to push the Company’s newer products with narrower appeal; and (4) underinvesting in Allbirds’ core products was negatively impacting the Company’s sales.
If you purchased or otherwise acquired Allbirds securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.