Bird Global, Inc. f/k/a Switchback II Corporation Class Action Lawsuit - BRDS
Investors who suffered a loss and would like to learn more, click here to contact us.
The Bird Global class action lawsuit seeks to represent purchasers or acquirers of Bird Global, Inc. f/k/a Switchback II Corporation (NYSE: BRDS) publicly traded securities between May 14, 2021 and November 14, 2022, inclusive (the “Class Period”). Captioned Arias v. Bird Global, Inc. f/k/a Switchback II Corporation, No. 22-cv-08406 (C.D. Cal.), the Bird Global class action lawsuit charges Bird Global and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Bird Global class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Bird Global class action lawsuit must be filed with the court no later than January 17, 2023.
CASE ALLEGATIONS: Bird Global is purportedly a micro-mobility company engaged in delivering electric transportation solutions for short distances. Bird Global’s offerings include its core vehicle-sharing business and operations (“Sharing”), and sales of Bird Global-designed vehicles for personal use. Switchback was a special purpose acquisition company – commonly known as a “SPAC” or blank-check company – formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On May 14, 2021, Switchback and Bird Global entered into an agreement and plan of merger.
The Bird Global class action lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Bird Global was improperly recording Sharing revenue for certain trips by its customers where collection was not probable; (ii) as such, Bird Global overstated its Sharing revenue for the relevant quarters and fiscal year during the Class Period; (iii) Bird Global failed to disclose that its internal controls were not effective as they relate to calculating Sharing revenue recognition; and (iv) as a result, Bird Global would need to restate its previously disclosed Sharing revenue.
On November 14, 2022, Bird Global revealed that it would restate its consolidated financial statements for certain periods due to issues concerning the recognition of Sharing revenue. Specifically, Bird Global stated that “for certain customers with insufficient preloaded ‘wallet’ balances, [Bird Global’s] business systems recorded revenue for uncollected balances following the completion of certain Rides that should not have been recorded.” Bird Global further disclosed that “any previously furnished or filed reports, related earnings releases, investor presentations or similar communications of [Bird Global] describing [Bird Global’s] financial results contained in the Original Filings should no longer be relied upon.” On this news, Bird Global’s share prices fell by approximately 15%, damaging investors.
Robbins Geller has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Bird Global publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Bird Global class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Bird Global class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Bird Global class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Bird Global class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.