An investigation on behalf of investors in BuzzFeed, Inc. (NASDAQ: BZFD) shares over potential wrongdoing at BuzzFeed, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 06/09/2022 -- Certain directors of BuzzFeed, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of BuzzFeed, Inc. (NASDAQ: BZFD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain BuzzFeed, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
New York based BuzzFeed, Inc., a tech-powered media company, provides breaking news, original reporting, entertainment, and videos across the social Web to its global audience. BuzzFeed, Inc. reported that its annual Total Revenue rose from $321.32 million in 2020 to $397.56 million in 2021, and that its Net Income increased from $10.33 million in 2020, to $24.71 million in 2021.
In December 2021, BuzzFeed, Inc. went public and started trading under NASDAQ: BZFD.
On March 15, 2022, the New York Times reports 77 former and current BuzzFeed employees have filed claims with the American Arbitration Association seeking compensatory damages in excess of $8.7 million. Some employees state that they were unable to sell their shares until the price had dropped nearly 60%, while others state that they are still unable to sell their shares to this day.
On March 22, 2022, BuzzFeed, Inc. issued it first earnings report issued since going public. BuzzFeed, Inc. said it expected revenue to decline in the first quarter of 2022 and it further announced it was reducing its workforce by 1.7%. At the same time, BuzzFeed News's Editor in Chief announced he was stepping down.
Shares of BuzzFeed, Inc. (NASDAQ: BZFD) closed on June 7, 2022, at $2.29 per share.
Those who purchased shares of BuzzFeed, Inc. (NASDAQ: BZFD) 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.