Class Action Lawsuit Filed on Behalf of Investors

A Lightspeed Securities Class Action Lawsuit has been filed, and investors who lost money in Lightspeed (NASDAQ: LSPD) are encouraged to contact Gibbs Law Group for more information about their legal rights and options for participation. Previously, a Spruce Point Capital Management report claimed that Lightspeed “massively” overstated its customer count and aggressively promoted other misleading metrics to conceal poor revenue growth.

To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.

On Wednesday, September 29, 2021, Spruce Point Capital Management issued a report denouncing commerce platform company Lightspeed for allegedly misleading investors by inflating its growth prospects. For example, the report claims Lightspeed “overstat[ed] its customer count by 85%” before it IPO’d in September 2020.

Then, when Lightspeed issued its 2022 Q2 report on November 4, 2021, the company issued guidance of approximately $520 million to $535 million for its full fiscal year which, according to Motley Fool, seems to imply “no” sequential growth in Q4. According to Motley Fool, that may indicate to investors that Lightspeed’s revenue growth has been “primarily” driven by acquisitions.

Following this quarterly report, Lightspeed’s stock price plunged by as much as 30% in intraday trading on November 4, 2021, causing significant harm to investors.

What Should Lightspeed Investors Do?

If you invested in Lightspeed, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses.

About Gibbs Law Group

Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

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