SAN FRANCISCO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Maplebear Inc. d/b/a/ Instacart (NASDAQ: CART) investors who suffered substantial losses to submit your losses now.
Maplebear Inc. d/b/a/ Instacart Inc. (NASDAQ: CART) Securities Class Action:
The complaint alleges Instacart made misleading statements and failed to disclose in its initial public offering (“IPO”) documents, which closed in Sept. 2023, that: (1) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (2) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery business; and (3) accordingly, Instacart overstated its post-IPO growth, business, and financial prospects.
Investors learned the truth beginning on Sept. 22, 2023, when the financial press reported on “lukewarm” analyst reports indicating Instacart would struggle from heavy competition.
Then, on Oct. 2, 2023, another analyst initiated coverage with a hold rating and reportedly said 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’” and citing competition as a headwind to the company.
If you invested in Instacart and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
Whistleblowers: Persons with non-public information regarding Instacart should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CART@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895