CLASS ACTION UPDATE: Law Office of Brodsky & Smith Reminds Investors of Deadline in Class Action Against Bird Global, Inc. (BRDS)
Nov 25th, 2022 8:00 EST
Bala Cynwyd, Pennsylvania--(Newsfile Corp. - November 25, 2022) - Law office of Brodsky & Smith reminds investors of the deadline to file regarding claims against Bird Global, Inc. ("Bird Global" or the "Company") (NYSE: BRDS) for possible breaches of Federal Securities law. Bird Global is purportedly a micro-mobility company engaged in delivering electric transportation solutions for short distances. The Company was formerly known as Switchback II Corporation.
If you purchased or otherwise acquired shares of Bird Global between May 14, 2021 and November 14, 2022 (the "Class Period"), and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is January 17, 2023. You may contact Marc Ackerman, Esquire or Jason Brodsky, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/bird-global-inc-nyse-brds/, or call toll free 877-534-2590. There is no cost or obligation to you.
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. 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 price fell by approximately 15%.
According to the filed complaint, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Bird was improperly recording Sharing Revenue for certain trips by its customers where collection was not probable; (2) as such, Bird overstated its Sharing Revenue for the relevant quarters and fiscal year during the Class Period; (3) Bird failed to disclose that its internal controls were not effective as they relate to calculating Sharing Revenue recognition; (4) as a result, Bird would need to restate its previously disclosed Sharing Revenue; and (5) as a result, Defendants' public statements were materially false and misleading at all relevant times.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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