LOS ANGELES, July 1, 2022 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Riskified Ltd. ("Riskified" or "the Company") (NYSE: RSKD) for violations of the federal securities laws.
Investors who purchased the Company's shares pursuant and/or traceable to the Company's initial public offering conducted in July 2021 (the "IPO") are encouraged to contact the firm before July 1, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Riskified's machine learning platform degraded in quality as its userbase expanded, despite its promises that the platform would improve. This loss of quality was in part caused by algorithm flaws associated with new merchants and new geographic areas. The Company expanded its operations into industries that suffer from high rates of fraud, such as cryptocurrencies, further damaging the effectiveness of its platform. Based on these business decisions, the Company suffered from higher chargebacks, higher cost of revenue, and lower gross profits in the third quarter of 2021. Based on these facts, the Company's public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Riskified, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
SOURCE The Schall Law Firm