Kaplan Fox Encourages Investors of Ibotta, Inc. (IBTA) to Contact the Firm Before Lead Plaintiff Deadline on June 16, 2025
NEW YORK - May 27, 2025 ( NEWMEDIAWIRE ) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Ibotta, Inc. ('Ibotta' or the 'Company') (NYSE: IBTA) on behalf of Ibotta investors.
CLICK HERE TO JOIN THE CASE
If you are an investor in Ibotta and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than June 16, 2025 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
Ibotta purports to be a technology company that allows consumer packaged goods brands to deliver digital promotions to consumers through the Ibotta Performance Network.
On April 18, 2024, Ibotta conducted its Initial Public Offering ('IPO'), offering 6,560,700 million shares of Class A common stock at a price of $88 per share.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that; (i) Ibotta's data measurement system did not provide accurate, precise, and real time client campaign and consumer data measurement; (ii) the Company's business mix had shifted and was generating less revenue; and (iii) Ibotta had 'exhausted' its clients' budgets, negatively impacting fourth quarter 2024 revenue and expected first quarter 2025 revenue.
According to the action, on February 26, 2025, after market hours, in connection with reporting fourth quarter 2024 and full year 2024 financial results, Ibotta's CEO Bryan W. Leach ('CEO Leach') explained just how deficient Ibotta's data measurement technology was by stating that 'it has become clear that we need to bring to market a more rigorous form of measurement that goes beyond the industry standard return on ad spend, or ROAS, framework.' Further CEO Leach allegedly announced that Ibotta would transform into a programmatic advertising company, which according to the complaint demonstrates that, at the time of the IPO, Ibotta's data measurement infrastructure was not suited for heavy reliance on third party platforms.
On this news, the price of Ibotta's stock fell $29.08, or nearly 46%, to close at $34.09 on February 27, 2025, more than 60% lower than the IPO price of $88 per share.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
CONTACT:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
[email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
[email protected]
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
https://www.kaplanfox.com/case/ibotta-inc/
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