Investors with losses in excess of $100,000 are encouraged to contact the firm before May 18, 2021; click here to submit trade information
LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Root, Inc. (NASDAQ: ROOT) investors that acquired shares between October 28, 2020 and March 8, 2021. Investors have until May 18, 2021 to seek an active role in this litigation.
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
It is alleged in this complaint that Root made misleading and false statements to the market. For years following its IPO, it was likely that Root would fail to generate positive cash flow, and Root was likely to require injections of cash to fund its operations as a result. Root touted its data-driven advantages in the marketplace, even though it’s established industry competitors had already developed superior technology, resulting in a competitive advantage over Root. Root’s offering documents and public statements during the IPO and class period were materially misleading and false based on these facts. Investors suffered damages when the market learned the truth about Root.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar