RADNOR, Pa., June 30, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a class action lawsuit has been filed against Roblox Corporation (“Roblox”) (NYSE: RBLX) in the U.S. District Court for the Northern District of California. The lawsuit alleges that Roblox violates the federal securities laws, including omissions and fraudulent misrepresentations regarding the Company’s business, operations and prospects. As a result of Roblox’s materially misleading statements and omissions to the public, Roblox investors have suffered significant losses. The lead plaintiff deadline is August 12, 2024.
If you have suffered Roblox losses, you can CLICK HERE or go to: https://www.ktmc.com/new-cases/roblox-corporation?utm_source=PR&utm_medium=link&utm_campaign=rblx&mktm=r
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You can also contact a lawyer Jonathan Naji, Esq. from Kessler Topaz by phone at (484) 270-1453 or by email at [email protected].
ALLEGED MISCONDUCT OF THE DEFENDANT
In November 2023, Roblox provided its investors with material information regarding the company’s expected revenue for the first quarter of 2024 and fiscal year 2024. This was the first time Roblox provided earnings and revenue guidance to its investors since the company’s IPO in 2021. Among other things, Roblox’s statements included that Roblox expects “bookings” of $4.14 billion to $4.28 billion in fiscal year 2024—representing annual growth of 25 percent to 27 percent—and annual revenue of $3.3 billion to $3.4 billion.
On February 7, 2024, Roblox then reiterated its earnings forecast for the first quarter of 2024 and the fiscal year 2024, as well as its strength in new technology and the digital economy, during a conference call.
On May 9, 2024, Roblox reported its financial results for the first quarter of 2024 and provided updated guidance. Among other things, Roblox said it expects booking revenue for the second quarter of 2024 to be in the range of $870 million to $900 million, compared to analyst expectations of $929 million, and full-year booking revenue of $4 billion to $4.1 billion, significantly below Roblox’s previous guidance of $4.14 billion to $4.28 billion.
On this news, Roblox’s stock price fell $8.61 per share, or 22.06%, to close at $30.42 per share on May 9, 2024.
WHAT CAN I DO?
Roblox investors can by 12 August 2024 at the latest, seek to be appointed as lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP encourages Roblox investors who have suffered significant losses to contact the firm directly for more information. The class action lawsuit against Roblox, Li v. Roblox Corp. et al. Case number 24-cv-03484 is filed in the U.S. District Court for the Northern District of California.
CLICK HERE TO REGISTER FOR THE CASE GO TO: https://www.ktmc.com/new-cases/roblox-corporation?utm_source=PR&utm_medium=link&utm_campaign=rblx&mktm=r
WHO CAN BE THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
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