LOS ANGELES, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Bird Global, Inc. f/k/a Switchback II Corporation (NYSE: BRDS) investors that a class action has been filed on behalf of investors.
Abbott investors with losses on their investment are encouraged to contact Lesley Portnoy, Esq.
Please contact attorney Lesley F. Portnoy, by phone 844-767-8529 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.
Bird Global is purportedly a micro-mobility company engaged in delivering electric transportation solutions for short distances. Bird Global’s offerings include its core vehicle-sharing business and operations (“Sharing”), and sales of Bird Global-designed vehicles for personal use. Switchback was a special purpose acquisition company – commonly known as a “SPAC” or blank-check company – formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On May 14, 2021, Switchback and Bird Global entered into an agreement and plan of merger.
The Bird Global class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Bird Global was improperly recording Sharing revenue for certain trips by its customers where collection was not probable; (ii) as such, Bird Global overstated its Sharing revenue for the relevant quarters and fiscal year during the Class Period; (iii) Bird Global failed to disclose that its internal controls were not effective as they relate to calculating Sharing revenue recognition; and (iv) as a result, Bird Global would need to restate its previously disclosed Sharing revenue.
On November 14, 2022, Bird Global revealed that it would restate its consolidated financial statements for certain periods due to issues concerning the recognition of Sharing revenue. Specifically, Bird Global stated that “for certain customers with insufficient preloaded ‘wallet’ balances, [Bird Global’s] business systems recorded revenue for uncollected balances following the completion of certain Rides that should not have been recorded.” Bird Global further disclosed that “any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of [Bird Global] describing [Bird Global’s] financial results contained in the Original Filings should no longer be relied upon.” On this news, Bird Global’s share prices fell by approximately 15%, damaging investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by 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
Attorney Advertising
