19 Sep, 2021, 23:48 ET
NEW YORK, Sept. 19, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Katapult Holdings, Inc. ("Katapult" or the "Company") (NASDAQ: KPLT; KPLTW). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Katapult and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 9, 2021, Katapult announced the completion of its merger with the "blank check" company FinServ Acquisition Corp. On June 10, 2021, Katapult announced that its shares and warrants would begin trading on the NASDAQ under the ticker symbols "KPLT" and "KPLTW", respectively. Then, on August 10, 2021, Katapult issued a press release announcing disappointing financial results for the second quarter of 2021, including a net loss of $8.1 million, compared to $5.1 million in net income for the second quarter of 2020. The Company further disclosed that it "observed meaningful [negative] changes in both e-commerce retail sales forecasts and consumer spending behavior" and retracted its full year 2021 guidance, claiming it could not "accurately predict our consumer's buying behaviors for the remainder of the year."
On this news, Katapult's stock price fell $5.47 per share, or 56.2%, to close at $4.26 per share on August 10, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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