SAN DIEGO, June 12, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers or acquirers of Roblox Corp. (NYSE: RBLX) (“Roblox” or the “Company”) securities between November 15, 2023 and May 8, 2024, inclusive (the “Class Period”), charging the Company and certain current senior executives with violations of the federal securities laws.
Roblox investors have until August 9, 2024 to seek appointment as lead plaintiff of the class action lawsuit.
If you purchased Roblox securities between November 15, 2023 and May 8, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/roblox-2/.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Roblox is an online entertainment publisher and distributor which also sells advertising space on its platforms. Roblox’s various platforms attract approximately 77.7 million daily users.
The Roblox lawsuit alleges that defendants created the false impression that they possessed reliable information pertaining to Roblox’s projected revenue outlook and anticipated bookings growth, due largely to expansion in Roblox’s available platforms, changes in Roblox’s digital technology (such as avatars), Roblox’s shared economy with content creators, and advertising revenue. According to the Roblox lawsuit, however, Roblox faced difficulty converting daily active users into bookings and eventually blamed the very technology and platform growth Roblox lauded as revolutionary and revenue-generating for this bookings problem.
The Roblox lawsuit further alleges that on May 8, 2024, Roblox revised down its fiscal year 2024 bookings guidance to a range of $4.0 billion to $4.14 billion and revised down total revenue to a range of $3.30 billion to $3.40 billion. On this news, the price of Roblox stock fell by more than 22%, closing at $30.42 per share on May 9, 2024.
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