Trending...
- Kamla Hotels Opens a SpringHill Suites by Marriott in Downey, California
- CDAHK Chiropractors Pushes Healthy Feeding of Children
- 12 Cyber Monday Safety Tips for Retailers in 2022
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Bird Global, Inc. f/k/a Switchback II Corporation ("Bird" or the "Company") (NYSE: BRDS) securities between May 14, 2021 and November 14, 2022, inclusive (the "Class Period"). Bird investors have until January 17, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 14, 2022, Bird announced that it would restate its financial statements for certain periods in 2020, 2021, and 2022. According to the Company, the restatements seek to correct errors regarding "recognition of revenue on certain trips completed by customers of its Sharing business for which collectability was not probable."
More on The Californer
On this news, Bird's share prices fell $0.069, or more than 15%, to close at $0.364 per share on November 14, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Bird was improperly recording Sharing Revenue for certain trips by its customers where collection was not probable; (2) as such, Bird overstated its Sharing Revenue for the relevant quarters and fiscal year during the Class Period; (3) Bird failed to disclose that its internal controls were not effective as they relate to calculating Sharing Revenue recognition; (4) as a result, Bird would need to restate its previously disclosed Sharing Revenue; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Bird securities during the Class Period, you may move the Court no later than January 17, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Bird securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
More on The Californer
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
If you are a shareholder who suffered a loss, click here to participate.
On November 14, 2022, Bird announced that it would restate its financial statements for certain periods in 2020, 2021, and 2022. According to the Company, the restatements seek to correct errors regarding "recognition of revenue on certain trips completed by customers of its Sharing business for which collectability was not probable."
More on The Californer
- Human Holo Transferrin (High Purity)
- Alex Hormozi Reviews - 100 Touches - What It Takes to Break Through the Clutter
- Charlotte Company Buys Unpaid Judgments in Mecklenburg and Iredell County
- Newly Released Audiobook Captures 2020 Pandemic in Different Voices and Perspectives
- Must Visit! New Restaurant in Kew Gardens, Queens NY - Love's Kitchen
On this news, Bird's share prices fell $0.069, or more than 15%, to close at $0.364 per share on November 14, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Bird was improperly recording Sharing Revenue for certain trips by its customers where collection was not probable; (2) as such, Bird overstated its Sharing Revenue for the relevant quarters and fiscal year during the Class Period; (3) Bird failed to disclose that its internal controls were not effective as they relate to calculating Sharing Revenue recognition; (4) as a result, Bird would need to restate its previously disclosed Sharing Revenue; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Bird securities during the Class Period, you may move the Court no later than January 17, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Bird securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
More on The Californer
- CDAHK Chiropractors Pushes Healthy Feeding of Children
- Cameron Jacox Joins Dawn Health, the Leading Insomnia Digital Health Clinic, as Strategic Advisor
- Signifyd Report: Black Friday Online Sales Start Strong, Up 8 Percent YoY
- TOMii Healing and Wellness Opens New Locations in San Mateo & Millbrae, California
- Easy Resume Writing Tips for Beginners and Career Changers
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
Filed Under: Business
0 Comments
Latest on The Californer
- Yukihiro Matsumoto: "Do not fight developer instincts"
- Dr. Jeanette Lee, Owner of 20/20 Optometry of Silicon Valley, Honored By Healthcare Insights as a Most Inspiring Woman Entrepreneur
- Fast-Growing Midwest Family Law Firm Hiring Kansas Lawyers in Topeka and Wichita
- Governor Newsom and First Partner Siebel Newsom to Host the 91st Annual California State Capitol Tree Lighting Ceremony
- Ready to plan a Wedding in Los Angeles in 3 Months? Part #3
- David & Sons Timepieces—Luxury Watches, San Diego
- INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Archaea Energy Inc. and Encourages Investors to Contact the Firm
- Just in time for Thanksgiving, the "Turkey Pill" - A Turkey And Stuffing Dinner In-A-Pill
- InventHelp Inventor Develops a Discrete Feminine Hygiene Product (OCC 1198)
- How to Navigate the Holidays When Dealing with Infertility
- Mural Unveiling Celebrates Cabrillo Economic Development Corporation's History and Mission
- Wednesday Addams hosts the Addams family hearse on Turo
- Nickelodeon, Paramount, Casa Vertigo, and The Salvation Army Bring Back The In-Person Annual Feast of Sharing Thanksgiving Event to Pico Union Families
- Massachusetts-based IOKA Skin+Science launches Cruelty-Free, Vegan, All-Natural Skincare Line
- Axiomtek's launches AIE800-904-FL-DC - A IP67 Outdoor Edge AI System with M12 Connectors
- Uber and Lyft Alternatives - Tired of Driving Strangers Around?
- Atara Biotherapeutics to Participate at the Evercore ISI 5th Annual HealthCONx Conference
- The South Florida International Film Festival Awards for October 2022
- How much does it cost to change the name on a Ryanair flight?
- Medigram Leads Mobile Medicine Technology Ecosystem Partnering With Routledge, Taylor & Francis on a New Book Series and Announces New Book, Advanced Health Technology, Our Second Consecutive Book to Debut as the #1 New Release for Medical Technology