An investigation on behalf of current long term investors in Riskified Ltd. (NYSE:RSKD) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 09/06/2022 -- Certain directors of Riskified Ltd are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in Riskified Ltd. (NYSE: RSKD) shares, 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 for investors in (NYSE: RSKD stocks follows a lawsuit filed against Riskified Ltd. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: RSKD stocks, concerns whether certain Riskified directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the IPO's Registration Statement made inaccurate statements of material fact because they failed to disclose the following adverse facts that existed at the time of the IPO: (i) as Riskified Ltd. expanded its user base, the quality of Riskified's machine learning platform had deteriorated (rather than improved as represented in the Registration Statement), because of, among other things, inaccuracies in the algorithms associated with onboarding new merchants and entering new geographies and industries; (ii) Riskified Ltd had expanded its customer base into industries with relatively high rates of fraud – including partnerships with cryptocurrency and remittance business – in which Riskified had limited experience and that this expansion has negatively impacted the effectiveness of Riskified's machine learning platform; (iii) as a result, Riskified Ltd was suffering from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (iv) thus, the Registration Statement's representations regarding Riskified's historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of Riskified Ltd prior to and at the time of the IPO, and were materially false and misleading, and lacked a factual basis.
Those who purchased shares of Riskified Ltd. (NYSE: RSKD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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92108 San Diego
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.