NEW YORK, June 28, 2025 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Reddit, Inc. (“Reddit” or the “Company”) (NYSE: RDDT). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Reddit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until August 18, 2025 to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Reddit securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On May 1, 2025, Reddit reports its financial results for the first quarter of 2025. Among other items, Reddit announced its third consecutive quarter of declining daily active user growth.
On this news, Reddit’s stock price fell $4.96 per share, or 4.18%, to close at $113.83 per share on May 2, 2025.
Then, on May 19, 2025, Wells Fargo analysts downgraded Reddit’s stock and lowered their price target, describing Google Search’s implementation of new AI features as likely “permanent” disruptions to user traffic for Reddit.
On this news, Reddit’s stock price fell $5.24 per share, or 4.63%, to close at $107.99 per share on May 10, 2025.
On May 21, 2025, Baird analysts also downgraded Reddit’s stock and lowered their price target, likewise citing concerns about the impact of Google Search’s expanded AI capabilities on Reddit’s user growth.
On this news, Reddit’s stock price fell $9.79 per share, or 9.27%, to close at $95.85 per share on May 21, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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