NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Roblox Corporation (NYSE: RBLX)?
- Did you purchase your shares between November 15, 2023 and May 8, 2024, inclusive?
- Did you lose money in your investment in Roblox Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Roblox Corporation (“Roblox” or the “Company”) (NYSE: RBLX) between November 15, 2023 and May 8, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Roblox securities, and/or would like to discuss your legal rights and options please visit Roblox Corporation Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
In November 2023, the Company provided investors with material information concerning Roblox’s expected revenue for the first quarter of 2024 (Q1-24) and fiscal year 2024 (FY-24). This was the first time Roblox offered earnings and revenue guidance to its investors since the Company went public in 2021. Defendants’ statements included, among other things, that Roblox expected $4.14 billion to $4.28 billion of “bookings” in FY-24 – reflecting 25%-27% annual growth – and $3.3 billion to $3.4 billion annual revenue.
On May 8, 2024, the Company announced it was reducing its previously-announced bookings guidance to $4.0 billion for FY-24. It also announced only 19% bookings growth in Q1-24. The Company blamed its digital economy, new purchasable items, and platform expansion for the decline.
On this news, Roblox’s stock price fell $8.61 per share, or over 22%, to close at $30.42 per share on May 9, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than August 9, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Roblox securities, and/or would like to discuss your legal rights and options please visit Roblox Corporation Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
