BIRD Investors Have Opportunity to Lead Allbirds, Inc. Securities Fraud Lawsuit … – Press Release

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BENSALEM, Pa., June 8, 2023 /PRNewswire/ — Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Allbirds, Inc. (“Allbirds” or the “Company”) BIRD.

Class Period: November 4, 2021March 9, 2023

Lead Plaintiff Deadline: June 12, 2023

Investors suffering losses on their Allbirds investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 9, 2023, after the market closed, the Company issued a press release announcing a fourth quarter 2022 net loss of $24.9 million and a full year 2022 net loss of $101.4 million. The Company also announced a full year 2022 adjusted EBITDA loss of $60.4 million, which was higher than the guidance target that estimated an adjusted EBITDA loss of $42.5 million to $37.5 million. Allbirds also disclosed in the press release that, in response to these negative results, it created a “strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability.” The plan purportedly focused on four areas: reigniting product and brand, optimizing U.S. stores and slowing the pace of openings, evaluating transition of international go-to-market strategy, and improving cost savings and capital efficiency.

Also on March 9, 2023, after the market closed, Allbirds announced that its Chief Financial Officer was stepping down.

The same day, March 9, 2023, the Company held a conference call with analysts to discuss its fourth quarter 2022 results. On the call, Defendant Joseph Zwillinger, the Company’s Co-CEO, explained that Allbirds’ poor results were driven in part by the fact that Allbirds “overemphasized products that extended beyond our core DNA.” As a result, he explained. “some products and colors have had narrower appeal than expected” and “[b]ecause we were spending…

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