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Maplebear Inc. d/b/a Instacart Class Action Lawsuit - CART

32 days left to seek lead plaintiff status

Case Summary

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The Instacart class action lawsuit seeks to represent purchasers or acquirers of Maplebear Inc. d/b/a Instacart (NASDAQ: CART): (i) securities between September 19, 2023 and October 1, 2023, both dates inclusive (the “Class Period”); and/or (ii) common stock pursuant and/or traceable to Instacart’s offering documents issued in connection with Instacart’s September 19, 2023 initial public offering (“IPO”).  Captioned Stephens v. Maplebear Inc. d/b/a Instacart, No. 24-cv-00465 (N.D. Cal.), the Instacart class action lawsuit charges Instacart and certain of Instacart’s top executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Instacart 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 jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Instacart class action lawsuit must be filed with the court no later than March 25, 2024.

CASE ALLEGATIONS: Instacart provides online grocery shopping services to households in North America.

The Instacart class action lawsuit alleges that Instacart’s IPO offering documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (ii) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market; and (iii) accordingly, defendants overstated Instacart’s post-IPO growth, business, and financial prospects.

The Instacart class action lawsuit further alleges that on September 22, 2023, Reuters published an article noting, among other things, that Instacart’s stock price was falling after “lukewarm analyst reports” indicated that Instacart would struggle from heavy competition.  On this news, the price of Instacart stock fell, according to the complaint.

Then, as the complaint further alleges, on October 2, 2023, investment research firm Gordon Haskett initiated coverage of Instacart with a “hold” rating, stating that it “ha[s] doubts that online grocery delivery adoption will continue to materially increase at a time when consumers are becoming increasingly cautious about spending,” while similarly citing the competitive environment in the online grocery shopping and delivery market as a headwind to Instacart’s business.  On this news, the price of Instacart stock fell more than 9%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Instacart securities during the Class Period and/or Instacart common stock pursuant and/or traceable to the IPO to seek appointment as lead plaintiff in the Instacart 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 Instacart class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Instacart class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Instacart 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 most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list.  And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 10 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.

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