RSKD Investors Have Opportunity to Lead Riskified Ltd. Securities Fraud Lawsuit
LOS ANGELES, June 9, 2022 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Riskified Ltd. ("Riskified" or the "Company") (NYSE: RSKD).
Class Period: July 2021 IPO
Lead Plaintiff Deadline: July 1, 2022
If you are a shareholder who suffered a loss, click here to participate.
The complaint filed alleges that Defendants failed to disclose to investors that: (1) as Riskified expanded its user base, the quality of Riskified's machine learning platform had deteriorated (rather than improved as represented in the Registration Statement), because of, among other things, inaccuracies in the algorithms associated with onboarding new merchants and entering new geographies and industries; (2) Riskified had expanded its customer base into industries with relatively high rates of fraud including partnerships with cryptocurrency and remittance business in which Riskified had limited experience and that this expansion has negatively impacted the effectiveness of Riskified's machine learning platform; (3) as a result, Riskified was suffering from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
SOURCE The Law Offices of Frank R. Cruz, Los Angeles
![](https://rt.prnewswire.com/rt.gif?NewsItemId=LA83784&Transmission_Id=202206091300PR_NEWS_USPR_____LA83784&DateId=20220609)
Share this article