ROOT, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of Ohio against Root, Inc.
NEW YORK, April 9, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of Ohio on behalf of investors that purchased Root, Inc. (NASDAQ: ROOT) securities between October 28, 2020 and March 8, 2021, both dates inclusive (the "Class Period"); and/or Root Class A common stock pursuant and/or traceable to the offering documents issued in connection with the Company's initial public offering conducted on or about October 28, 2020 (the "IPO" or "Offering").
All investors who purchased shares of and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Root, Inc., youmay,no later than May 18, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Root, Inc.
On October 5, 2020, Root filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) in connection with the IPO, which, after several amendments, was declared effective on October 27, 2020 (the "Registration Statement"). On October 28, 2020, Root's underwriters conducted the IPO, selling 26.8 million shares of the Company's Class A common stock to the public at $27.00 per share for total approximate proceeds of $725 million.
On this news, Root's stock price fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021, representing a total decline of 54.93% from the Offering price.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.