Recent Security Class Actions

According to the Complaint, Alphabet Inc. is a multinational technology conglomerate holding company. It was created through a restructuring of Google Inc. in October 2015, at which point Alphabet became the parent company of Google and several former Google subsidiaries.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (ii) the foregoing conduct was anticompetitive in nature and likely to draw significant regulatory scrutiny; (iii) Alphabet's revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; (iv) Alphabet's conduct, once revealed, would negatively impact the Company's reputation and expose it to a heightened risk of litigation and regulatory enforcement action; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

According to the Complaint, Fidelity National Information Services, Inc. provides global e-commerce and payment technologies to financial institutions and businesses and, in recent years, has become the largest processing and payments company in the world.

On July 31, 2019, Fidelity National announced it had completed the acquisition of payments company Worldpay, Inc. for $43 billion, which became part of the Fidelity National Merchant Solutions business. Throughout the Class Period, Defendants assured investors that the integration of Worldpay was "ahead of schedule," achieved "success in revenue synergies," and ultimately was "successfully completed."

The Complaint alleges that during the Class Period, Defendants misled investors and/or failed to disclose that (1) the integration of Worldpay was not ahead of schedule; (2) the integration of Worldpay was not successfully completed during the Class Period; (3) the increases in revenue synergies were not driven by the Worldpay integration; and (4) as a result, Defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On January 13, 2023, International Business Machines Corporation was sued for violations of the federal securities laws in the United States District Court for the Southern District of New York on behalf of investors who purchased the securities of IBM during the period of January 18, 2018, and
October 16, 2018, both dates inclusive (the “Class Period”).

On August 31, 2022, TuSimple Holdings, Inc. was sued for violations of the federal securities laws in the United States District Court for the Southern District of California on behalf of investors who purchased or otherwise acquired: (a) the Company’s common stock pursuant to the April 2021 initial public offering (“IPO”) and/or (b) the Company’s securities between April 15, 2021 and August 1, 2022.

On August 31, 2022, Abbott Laboratories was sued for violations of the federal securities laws in the United States District Court for the Northern District of Illinois on behalf of investors who purchased or otherwise acquired the Company’s shares between February 19, 2021 to June 8, 2022.

According to the Complaint, Latch, Inc. is an enterprise technology company that offers a full-building operating system, LatchOS, to address the essential requirements of modern buildings. It offers modules for delivery and guest management, as well as smart home and sensors. On or about June 3, 2021, Latch became a public entity via business combination with TS Innovation Acquisitions Corp.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that there were unreported sales arrangements related to hardware devices; (2) that, as a result, the Company had improperly recognized revenue throughout fiscal 2021 and first quarter 2022; (3) that there were material weaknesses in Latch's internal control over financial reporting related to revenue recognition; (4) that, as a result of the foregoing, Latch would restate financial statements for fiscal 2021 and first quarter 2022; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

According to the Complaint, LifeStance Health Group, Inc. provides outpatient mental health services in 31 states. LifeStance Health conducted its IPO on June 10, 2021, selling 46 million shares at $18.00 per share, raising $828 million in gross proceeds.

The Complaint alleges that the IPO's registration statement failed to disclose the following material facts: (i) that the number of virtual visits clients were undertaking utilizing LifeStance Health was decreasing as the COVID-19 lockdowns were being lifted, thereby flatlining LifeStance Health's out-patient/virtual revenue growth; (ii) that the percentage of in-person visits clients were undertaking utilizing LifeStance Health was increasing as the COVID-19 lockdowns were being lifted, thereby causing LifeStance Health's operating expenses to increase substantially; (iii) that LifeStance Health had lost a large number of physicians due to burn-out and, as a result, its physician retention rate had fallen significantly below the 87% highlighted in the IPO's registration statement and LifeStance Health had been expending additional costs to onboard new physicians who were less productive than the outgoing physicians they were replacing; and (iv) as a result, LifeStance Health's business metrics and financial prospects were not as strong as the IPO's registration statement represented.

On November 17, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 19. Defendants filed a Motion to Dismiss the amended Complaint on January 18, 2023. On April 10, the Court issued an Order denying Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on June 2, 2023. On September 7, the Court issued an Order granting the Class Certification Motion.

The parties entered into a Stipulation of Settlement on October 13, 2023. The Court granted preliminary approval of the Settlement on October 25.

On July 06, 2022, Amazon.com, Inc. was sued for violations of the federal securities laws in the United States District Court for the Western District of Washington on behalf of investors who purchased the Company’s shares between July 30, 2021 and April 28, 2022.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Netflix was exhibiting slower acquisition growth due to, among other things, account sharing by customers and increased competition from other streaming services; (2) that the Company was experiencing difficulties retaining customers; (3) that, as a result of the foregoing, the Company was losing subscribers on a net basis; (4) that, as a result, the Company's financial results were being adversely affected; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

On March 8, 2022, Meta Platforms, Inc., the parent company of Facebook and Instagram, was sued for violations of the federal securities laws in the United States District Court for the Northern District of California on behalf of investors who purchased the Company’s securities between March 2, 2021 and February 2, 2022.