Lightspeed Commerce Inc. (LSPD)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD). The investigation concerns whether Lightspeed and certain of its officers and/or directors have violated federal securities laws.
On September 29, 2021, market analyst Spruce Point Capital Management published a report regarding Lightspeed. Spruce Point also published a press release summarizing its findings. The summary stated, among other things, that “[e]vidence 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’”; that there was “[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing”; that the Company’s “[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices”; and that there were “[w]eak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.” On this news, Lightspeed’s share price fell $13.73 per share, or 12.2%, to close at $98.77 per share on September 29, 2021.
If you are aware of any facts relating to this investigation, or purchased Lightspeed shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.