SAN DIEGO, Feb. 12, 2024 (GLOBE NEWSWIRE) —
Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Instacart CART (a) common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering (“IPO”) conducted on or about September 19, 2023; and/or (b) securities between September 19, 2023 and October 1, 2023. Instacart provides online grocery shopping services to households in North America. The Company sells and delivers a range of products in the food, alcohol, consumer health, pet care, and ready-made meals categories, in addition to others.
What is this Case About: Maplebear Inc. d/b/a Instacart (CART) Failed to Disclose the Extent of its Competition
According to the complaint, on September 19, 2023, Instacart’s common stock began publicly trading on the NASDAQ. Following the IPO, a series of disclosures indicated that Instacart’s stock price was falling after “lukewarm analyst reports” indicated that the Company would struggle from heavy competition from DoorDash and Uber Technologies and “doubts that online grocery delivery adoption will continue to materially increase at a time when consumers are becoming increasingly cautious about spending.” On these reports, the price of Instacart’s stock declined. At the time the complaint was filed, Instacart’s common stock was trading below the $30.00 per share Offering price, damaging investors.
Plaintiff alleges that the Offering Documents and defendants failed to disclose that: (i) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (ii) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market; and (iii) accordingly, defendants overstated the Company’s post-IPO growth, business, and financial prospects.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Maplebear Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by March 25, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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