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The complaint alleges that Riskified’s IPO Registration Statement made inaccurate statements of material fact by failing to disclose adverse facts that existed at the time of the IPO, specifically that: (i) as its user base expanded, Riskified’s machine learning platform had deteriorated (rather than improved as previously represented); (ii) Riskified had expanded its customer base into industries with relatively high rates of fraud, including cryptocurrency and remittances payments; (iii) as a result, Riskified was experiencing significantly higher chargebacks and cost of revenue, coupled with depressed gross profits during its third fiscal quarter in 2021; (iv) the Registration Statement’s representations regarding historical financial and operations metrics and market opportunities did not accurately reflect the actual business prior to, and at the time of the IPO.