San Diego, CA -- (SBWIRE) -- 04/24/2023 -- An investor, who purchased shares of Allbirds, Inc. (NASDAQ: BIRD), filed a lawsuit over alleged violations of Federal Securities Laws by Allbirds, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Allbirds, Inc. (NASDAQ: BIRD) have certain options and for certain investors are short and strict deadlines running. Deadline: June 12, 2023. NASDAQ: BIRD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francisco, CA based Allbirds, Inc. manufactures and sells footwear and apparel products for men and women in the United States and internationally.

On or around November 3, 2021, Allbirds conducted its initial public offering ("IPO"), issuing 20.2 million shares priced at $15.00

Then, on March 9, 2023, after trading hours, Allbirds, Inc. issued a press release announcing "a strategic transformation plan to reignite growth in the coming years, as well as improve capital efficiency, and drive profitability" after falling short of expectations. In a separate press release, Allbirds announced the impending departure of its Chief Financial Officer.

On March 9, 2023, Allbirds, Inc also held a conference call with analysts to discuss its fourth quarter 2022 results. On the call, Joseph Zwillinger, the Company's Co-CEO, explained that Allbirds' poor results were driven in part by the fact that Allbirds "overemphasized products that extended beyond our core DNA." As a result, he explained, "some products and colors have had narrower appeal than expected" and "[b]ecause we were spending significant time and resources on these new products that did not resonate well, we underinvested in our core consumers' favorite products."

Shares of Allbirds, Inc. (NASDAQ: BIRD) declined to as low as $1.03 per share on March 15/16, 2023.

The plaintiff claims that between November 4, 2021 and March 9, 2023, the Defendants failed to disclose to investors that Allbirds, Inc. was overemphasizing products that extended beyond the Company's core offerings, that the Company's non-core products had a narrower appeal and were not resonating with customers as well as the Company's core products, that Allbirds, Inc. was underinvesting in its core consumers' favorite products to push the Company's newer products with narrower appeal, that underinvesting in Allbirds' core products was negatively impacting the Company's sales, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Allbirds, Inc. (NASDAQ: BIRD) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.