Lightspeed Commerce, Inc. Securities Fraud Investigation
Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Lightspeed Commerce Inc. (“Lightspeed” or the “Company”) (NYSE: LSPD) between September 11, 2020 and November 3, 2021 (the “Class Period”).
If you purchased Lightspeed securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080.
Click here to join the class action.
Whistleblowers: Anyone with non-public information regarding Lightspeed is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed complaint, Lightspeed misrepresented and/or failed to disclose that the Company:
- overstated its pre-IPO customer count by 85%;
- (ii) overstated its pre-IPO gross transaction volume– a payment volume metric that a former employee describes as “smoke and mirrors” – by 10%;
- (iii) concealed declining organic growth and ongoing business deterioration; and
- (vi) had been operating the Company with defective internal controls and ineffective oversight of its accounting practices by its outside audit firm.
When Spruce Point Capital published a report revealing the truth about Lightspeed’s finances and prospects, shares fell precipitously.