Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 26, 2024 to file lead plaintiff applications in a securities class action lawsuit against Roblox Corporation (NYSE: RBLX), if they purchased or otherwise acquired the Company’s shares between March 10, 2021 and February 15, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Roblox and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-rblx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 26, 2024.
About the Lawsuit
Roblox and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Roblox platform had insufficient content controls and lacked user spending restrictions; (ii) these inadequate controls enabled younger users to play games with inappropriate content and make excessive, unauthorized purchases; (iii) a material portion of the Company’s bookings and revenue growth was due to these excessive, unauthorized purchases; (iv) the Company’s planned rollout of enhanced parental controls would negatively impact Q4 2021 and 2022 bookings; and (v) based on the foregoing, the Company’s bookings and revenue growth were unsustainable throughout the Class Period.
The case is DeKalb County Pension Fund v. Roblox Corporation, et al., 23-cv-10347.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231128667304/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
