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Lightspeed Commerce, Inc. Investors: Company Investigated by the Portnoy Law Firm

LOS ANGELES, Oct. 11, 2021 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Lightspeed Commerce (“Lightspeed” or the “Company”) (NYSE:LSPD) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

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.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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