The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Roblox Corporation (NYSE: RBLX) Class A common stock between March 10, 2021 and February 15, 2022, inclusive (the “Class Period”), have until January 26, 2024 to seek appointment as lead plaintiff of the Roblox class action lawsuit. Captioned DeKalb County Pension Fund v. Roblox Corporation, No. 23-cv-10347 (S.D.N.Y.), the Roblox class action lawsuit charges Roblox and certain of its top executive officers 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 here:
CASE ALLEGATIONS: Roblox operates a video game platform that provides developers with tools to create games that are hosted on Roblox’s servers. Roblox generates revenue by selling its proprietary currency (called “Robux”) to its users so they can purchase digital items (e.g., weapons, armor, or vehicles) to enhance their gaming experiences.
The Roblox class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the Roblox platform had insufficient content controls and lacked user spending restrictions; (ii) these inadequate controls enabled younger Roblox users to play games with inappropriate content and make excessive, unauthorized Robux purchases; (iii) a material portion of Roblox’s bookings and revenue growth was due to these excessive, unauthorized Robux purchases; (iv) fourth quarter 2021 and 2022 bookings would be negatively impacted by Roblox’s planned rollout of enhanced parental controls; and (v) as a result, Roblox’s bookings and revenue growth was unsustainable throughout the Class Period.
The Roblox class action lawsuit further alleges that on February 15, 2022, Roblox disclosed poor fourth quarter 2021 results, including $770.1 million in bookings which was well short of the $786.8 million analyst consensus target. Key performance indicators on audience size and engagement both showed sequential and year-over-year declines, according to the complaint. The Roblox class action lawsuit alleges that on this news, the price of Roblox stock fell more than 26%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Roblox Class A common stock during the Class Period to seek appointment as lead plaintiff of 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 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. Please visit the following page for more information:
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