Faruqi & Faruqi, LLP is investigating the claims on behalf of Cardlytics investors via Investing.com
Faruqi and Faruqi, Litigation Partner for LLP James (Josh) Wilson He encourages investors who have sunk $50,000 into Cardlytics (NASDAQ 🙂 to contact him directly to discuss their options
If you bought or acquired shares in Kartonlytics Between March 14, 2024 and August 7, 2024 And you’d like to discuss your legal rights, call your partner Faruqi and Faruqi Josh Wilson direct on 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York – (NewsFile Corp. – January 26, 2025) – Faruqi & Faruqi, LLP, a leading national law firm, is investigating potential claims against Cardlytics, Inc . (“Cardlytics” or the “Company”) (NASDAQ: CDLX ) and reminds investors of March 25, 2025 seek the role of lead plaintiff in a federal securities class action filed against the company.
Faruqi and Faruqi is a leading national law firm with offices in New York, Pennsylvania, California and Georgia. The company has taken out hundreds of millions of dollars for investors since it was founded in 1995. See www.faruqilaw.com.
As detailed, the complaint alleges that the company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) increased consumer engagement led to increased consumer incentives; (2) that the company was unable to increase its Billings commensurate with increased consumer engagement; (3) that, as a result, there was a substantial risk that its revenue growth would slow or decline; (4) that changes in ADE, which led to increased consumer engagement, led to “under-delivery” of customer billing budgets and estimates; and (5) that, as a result of the defendant’s prior positive statements about the business, operations and prospects of the company, they were materially misleading and/or lacked a reasonable basis.
On May 8, 2024, after the market closed, the company revealed that its revenue in the first quarter of 2024 was only 8% year-over-year, despite a 12% increase, due to a 20.2% increase in consumer incentives. .
On this news, the company’s stock price fell $5.33, or 36.5%, to close at $9.27 per share on February 9, 2024, on unusually heavy trading volume.
On August 7, 2024, after the market closed, Cardlytics released its second quarter 2024 financial results, revealing a 9% year-over-year decline in revenue to $69.6 million, along with a 3% with the adjusted contribution falling to $36.4 million. The press release also revealed that Karim Temsamani has stepped down as CEO and from the Board of Directors.
On this news, Cardlytics stock price fell $3.94, or 57.1%, to close at $2.96 per share on August 8, 2024, on unusually heavy trading volume.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of class members directing and overseeing litigation on behalf of the purported class. Each putative class member can move the Court to serve as lead plaintiff through counsel of their choosing, or they can choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about Cardlytics’ conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, please visit https://www.newsfilecorp.com/release/238423
