NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of Nextdoor Holdings, Inc. (NYSE: KIND)?
- Did you purchase your shares between July 6, 2021 and November 8, 2022, inclusive?
- Did you lose money in your investment in Nextdoor Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the Class A common stock of Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (“Nextdoor” or the “Company”) between July 6, 2021 and November 8, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Nextdoor Class A common stock, and/or would like to discuss your legal rights and options please visit Nextdoor Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, 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: (i) Nextdoor’s financial results prior to the merger were inflated by the effects of the COVID-19 pandemic, which pulled forward demand for Nextdoor’s platform at the expense of future advertising revenue growth; (ii) rather than sustainable growth, the trend had begun reversing at the start of the Class Period; (iii) Nextdoor’s total addressable market was materially smaller than the 312 million households represented to investors; and (iv) by the start of the Class Period, Nextdoor’s most important market – the U.S. market – was already substantially saturated, impairing Nextdoor’s ability to monetize users and increase its revenue per weekly active user (“ARPU”).
On November 8, 2022, Nextdoor reported that its revenues during the quarter declined sequentially by $1 million to $54 million, and that its quarterly ARPU growth was decreasing by 12% compared to the prior year quarter.
On this news, the Company’s stock price fell $0.26 or 11%, to close at $2.06 per share on November 9, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than April 29, 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.
If you purchased or acquired Nextdoor Class A common stock, and/or would like to discuss your legal rights and options please visit Nextdoor Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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