RADNOR, Pa., July 16, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Roblox Corporation (“Roblox”) (NYSE: RBLX). The action charges Roblox with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Roblox’s materially misleading statements and omissions to the public, Roblox’s investors have suffered significant losses. The lead plaintiff deadline is August 12, 2024.
If you suffered Roblox losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/roblox-corporation?utm_source=PR&utm_medium=link&utm_campaign=rblx&mktm=r
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You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at info@ktmc.com.
DEFENDANTS’ ALLEGED MISCONDUCT
In November 2023, Roblox provided investors with material information concerning the company’s expected revenue for the first quarter of 2024 and fiscal year 2024. This was the first time Roblox offered earnings and revenue guidance to its investors since the company went public in 2021. Roblox’s statements included, among other things, that Roblox expected $4.14 billion to $4.28 billion of “bookings” in fiscal year 2024—reflecting 25%-27% annual growth—and $3.3 billion to $3.4 billion annual revenue.
Then on February 7, 2024, during an earnings call, Roblox reiterated its first quarter 2024 and fiscal year 2024 earnings projections as well as its strength in its new technology and digital economy.
On May 9, 2024, Roblox reported its financial results for the first quarter of 2024 and provided updated guidance. Among other things, Roblox advised that the company expects bookings revenue of $870 million to $900 million for the second quarter of 2024, compared to analyst expectations of $929 million, and bookings revenue of $4 billion to $4.1 billion for the full year, significantly lower than the Roblox’s earlier forecast of $4.14 billion to $4.28 billion.
On this news, Roblox’s stock price fell $8.61 per share, or 22.06%, to close at $30.42 per share on May 9, 2024.
WHAT CAN I DO?
Roblox investors may, no later than August 12, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Roblox investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Roblox, Li v. Roblox Corp., et al., Case No. 24-cv-03484, is filed in the United States District Court for the Norther District of California.
CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/roblox-corporation?utm_source=PR&utm_medium=link&utm_campaign=rblx&mktm=r
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
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