NEW YORK, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Amplitude, Inc. (“Amplitude” or the “Company”) (NASDAQ: AMPL) securities during the period of September 21, 2021 to February 16, 2022 inclusive (“the Class Period”). Investors have until April 15, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
According to the complaint, Amplitude issued a press release on September 21, 2021–the same day that Amplitude announced that the registration statement for its IPO had been declared effective–announcing its financial results for its second quarter 2021. The release highlighted several metrics that purportedly showed favorable growth at the Company. On September 28, 2021, Amplitude filed with the SEC the prospectus for the IPO (“the Prospectus”). The Prospectus highlighted the Company’s land-and-expand strategy as one of its primary “Growth Strategies,” and claimed that this land-and-expand strategy was already successful. However, on February 16, 2022, Amplitude revealed its fourth quarter 2021 results and revised downward its 2022 revenue. Amplitude then stated that its land-and-expand strategy, which it had claimed had already proven successful, was in fact poised to “take a few years” before it was expected to accelerate results and that despite their prior assurances of sustainable growth, Amplitude management “really [did not] know” when this impact would occur. On this news, the price of Amplitude shares declined by $24.51 per share, or approximately 58.9%, from $41.61 on February 16, 2022 to close at $17.10 on February 17, 2022.
The lawsuit alleges that the Company fraudulent scheme (i) deceived the investing public regarding Amplitude’s prospects and business; (ii) artificially inflated the price of Amplitude stock; and (iii) caused plaintiff and other members of the Class to purchase Amplitude stock at artificially inflated prices and suffer damages when that artificial inflation was removed from the price of Amplitude stock.
If you purchased or otherwise acquired Amplitude securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
