ROBLOX CORPORATION SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Roblox Corporation
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Roblox Corporation (“Roblox” or the “Company”) (NYSE: RBLX) securities between November 15, 2023 and May 8, 2024, inclusive. The lawsuit seeks to recover Roblox shareholders’ investment losses.
If you purchased securities in Roblox between November 15, 2023 and May 8, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
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.
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.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
