Deadline Soon: Ibotta, Inc. (IBTA) Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)--Jun 13, 2025--
The Law Offices of Frank R. Cruz reminds investors of the upcoming June 16, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired Ibotta, Inc. ('Ibotta' or the 'Company') (NYSE: IBTA ) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the 'Registration Statement') issued in connection with the Company's April 2024 initial public offering (the 'IPO' or 'Offering').
IF YOU ARE AN INVESTOR WHO LOST MONEY ON IBOTTA, INC. (IBTA), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.
What Happened?
On April 18, 2024, Ibotta conducted its IPO, selling 2.5 million shares at $88.00 per share.
On August 13, 2024, after market hours, Ibotta released its second quarter 2024 financial results, revealing a net loss of $34 million, a 19% decline in direct-to-consumer redemptions, and a 7% reduction of direct-to-consumer redeemers. Additionally, despite being prominently featured in the Company's Registration Statement, there was no mention of Kroger as Ibotta's client in its quarterly report.
The price of Ibotta's securities has plummeted since the IPO, devastating investors. As of April 17, 2025, Ibotta's stock has traded significantly lower than the IPO price of $88.00 per share.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kroger's contract was at-will; (2) a large client could cancel their contract with Ibotta without warning; (3) despite providing a detailed explanation of the terms of Ibotta's contract with Walmart, there was not a single warning of the at-will nature of Kroger's contract; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Ibotta securities pursuant and/or traceable to the IPO, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is June 16, 2025.
Contact Us To Participate or Learn More:
If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us:
Frank R. Cruz
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Email us at: [email protected]
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250613064904/en/
CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2025.
PUB: 06/13/2025 02:55 PM/DISC: 06/13/2025 02:53 PM
http://www.businesswire.com/news/home/20250613064904/en
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And the council has experience and history in making modifications that improve on these types of deals.' Meagan Flynn contributed to this report.
