Class Action Filed Against Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (KIND) - April 29, 2024 Deadline to Join - Contact The Gross Law Firm
NEW YORK, April 26, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (NYSE: KIND).
Shareholders who purchased shares of KIND during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.
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CLASS PERIOD: July 6, 2021 to November 8, 2022
ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) Nextdoor's financial results prior to the November 2021 merger with Khosla Ventures Acquisition Co. II, had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor's platform and cannibalized future advertising revenue growth; (b) rather than being sustained, such growth trends had already begun reversing at the start of the class period; (c) Nextdoor's total addressable market was materially smaller than the 312 million households represented to investors; (d) by the start of the class period, Nextdoor's most important market – the U.S. market – was already substantially saturated, impairing the Company's ability to monetize users and increase its average revenue per weekly active user, or U.S. weekly active user metrics; (e) as a result of (a)-(d) above, Nextdoor's revenue guidance for fiscal year 2022 had no reasonable basis in fact and the Company was tracking tens of millions of dollars below the revenue trajectory provided to investors.
DEADLINE: April 29, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/nextdoor-holdings-inc-f-k-a-khosla-ventures-acquisition-co-ii-loss-submission-form/?id=76945&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of KIND during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is April 29, 2024. There is no cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (646) 453-8903
SOURCE The Gross Law Firm
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