An investigation for investors in Lightspeed Commerce Inc. (NYSE:LSPD) shares over potential securities laws violations by Lightspeed Commerce Inc. was announced.
San Diego, CA -- (SBWIRE) -- 10/12/2021 -- Lightspeed Commerce is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Lightspeed Commerce Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Montreal, Canada, based Lightspeed Commerce Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Germany, Australia, and internationally. On September 29, 2021, Spruce Point Capital Management, LLC published a short-seller report on Lightspeed. In the report, Spruce Point made the following claims:
"Evidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume ('GTV') by 10% – a payment volume metric that a former employee described as 'smoke and mirrors.'
"Evidence of declining organic growth and business deterioration through Lightspeed's IPO, despite management's claims that Average Revenue Per User ("ARPU") is increasing."
"Recent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices."
"Weak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal."
Shares of Lightspeed Commerce Inc. (NYSE: LSPD) declined from $122.53 per share on September 22, 2021, to $88.71 per share on October 4, 2021.
Those who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD) have certain options and should contact the Shareholders Foundation.
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