ALLBIRDS, INC.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
The plaintiff in this case alleges that Allbirds made materially false and misleading statements in its Registration Statement and throughout the Class Period. The allegations include that Allbirds overemphasized products that extended beyond its core offerings and underinvested in its core consumers’ favorite products, which negatively impacted sales. On March 9, 2023, Allbirds announced a net loss for Q4 2022 and the full year 2022, which was higher than the guidance target. Allbirds also announced the creation of a strategic transformation plan to reignite growth and profitability, as well as the resignation of its CFO. On the same day, Allbirds held a conference call with analysts where Defendant Joseph Zwillinger, the Company’s Co-CEO, explained that the poor results were driven in part by overemphasizing non-core products and underinvesting in core products. As a result of this news, Allbirds’ stock price fell 47% to close at $1.25 per share on March 10, 2023.
