Lightspeed Commerce, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to email@example.com.
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The investigation concerns whether Lightspeed and certain of its directors and/or officers have engaged in securities fraud or other business practices that were unlawful. Market analyst Spruce Point Capital Management (“Spruce Point”) published a report on September 29, 2021 regarding Lightspeed as well as a press release summarizing its findings. In this summary it was stated, among other allegations, that “[e]vidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors’”; that there was “[e]vidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (‘ARPU’) is increasing”; that Lightspeed’s “[r]ecent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices”; and that there were “[w]eak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.” On September 29, 2021, Lightspeed’s share price fell $13.73 per share, or 12.2%, to close at $98.77 on this news per share.