Roblox Corp. Class Action Lawsuit - RBLX
Case Summary
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The Roblox class action lawsuit seeks to represent purchasers or acquirers of Roblox Corp. (NYSE: RBLX) securities between November 15, 2023 and May 8, 2024, inclusive (the “Class Period”). Captioned Li v. Roblox Corp., No. 24-cv-03484 (N.D. Cal.), the Roblox class action lawsuit charges Roblox and certain of Roblox’s 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 Roblox class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Roblox class action lawsuit must be filed with the court no later than August 12, 2024.
CASE ALLEGATIONS: Roblox is an online entertainment publisher and distributor which also sells advertising space on those platforms.
The Roblox class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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 class action lawsuit, in fact, 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 class action lawsuit further alleges that on May 8, 2024, Roblox revised down its fiscal year 2024 bookings guidance to $4.0 billion to $4.14 billion and revised down total revenue to $3.30 billion to $3.40 billion. On this news, the price of Roblox stock fell more than 22%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Roblox securities during the Class Period to seek appointment as lead plaintiff in the Roblox 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 Roblox class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Roblox class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Roblox class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. 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.