NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) on behalf of Lightspeed stockholders. Our investigation concerns whether Lightspeed has violated the federal securities laws and/or engaged in other unlawful business practices.
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On September 29, 2021, market analyst Spruce Point Capital Management (“Spruce Point”) 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 purchased or otherwise acquired Lightspeed shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
