SAN DIEGO, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Lightspeed Commerce, Inc. ("Lightspeed" or the "Company") (NYSE: LSPD).
On September 29, 2021, Spruce Point Capital Management, LLC published a short-seller report on Lightspeed. In the report, Spruce Point made the following claims:
“Evidence 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.’
“Evidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (“ARPU”) is increasing.”
“Recent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices.”
“Weak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.”
Following this news, the price of Lightspeed shares was down over 11% in early morning trading on September 29, 2021.
If you have information that could assist in this investigation, including past employees and others, or a Lightspeed shareholder and are interested in learning more about the investigation, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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