NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Roblox Corporation (“Roblox” or the “Company”) (NYSE: RBLX) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Roblox securities between November 15, 2023 and May 8, 2024, both dates inclusive (the “Class Period”). Investors have until August 9, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Roblox is an online entertainment publisher and distributor which also sells advertising space on those platforms.
The Roblox class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that defendants created the false impression that they possessed reliable information pertaining to Roblox’s projected revenue outlook and anticipated bookings growth, due largely to expansion in Roblox’s available platforms, changes in Roblox’s digital technology (such as avatars), Roblox’s shared economy with content creators, and advertising revenue. According to the Roblox class action lawsuit, in fact, Roblox faced difficulty converting daily active users into bookings and eventually blamed the very technology and platform growth Roblox lauded as revolutionary and revenue-generating for this bookings problem.
The Roblox class action lawsuit further alleges that on May 8, 2024, Roblox revised down its fiscal year 2024 bookings guidance to $4.0 billion to $4.14 billion and revised down total revenue to $3.30 billion to $3.40 billion.
On this news, the price of Roblox stock fell more than 22%, according to the complaint.
If you purchased or otherwise acquired Roblox 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 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.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
