Law Offices of Frank R. Cruz Encourages Cardlytics, Inc. (CDLX) Investors To Inquire About Securities Fraud Class Action
LOS ANGELES--(BUSINESS WIRE)--Mar 17, 2025--
The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Cardlytics, Inc. ('Cardlytics' or the 'Company') (NASDAQ: CDLX) securities between March 14, 2024 and August 7, 2024, inclusive (the 'Class Period'). Cardlytics investors have until March 25, 2025 to file a lead plaintiff motion.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at [email protected], by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On May 8, 2024, after the market closed, the Company revealed that its first quarter 2024 revenue only increased 8% year-over-year, despite a 12% increase in billings, due to a 20.2% increase in consumer incentives.
On this news, the Company's stock price fell $5.33, or 36.5%, to close at $9.27 per share on May 9, 2024, on unusually heavy trading volume.
On August 7, 2024, after the market closed, Cardlytics released its second quarter 2024 financial results, revealing a 9% year-over-year decrease in revenue to $69.6 million, alongside a 3% decline in adjusted contribution to $36.4 million. The press release also disclosed that Karim Temsamani had stepped down as Chief Executive Officer and from the Board of Directors.
On this news, Cardlytics' stock price fell $3.94, or 57.1%, to close at $2.96 per share on August 8, 2024, on unusually heavy trading volume.
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: (1) increasing consumer engagement led to an increase in consumer incentives; (2) that the Company could not increase its billings commensurate with the increased consumer engagement; (3) that, as a result, there was a significant risk that its revenue growth would slow or decline; (4) that the changes to ADE, which led to increased consumer engagement, led to the 'under-delivery' of budgets and customers billing estimates; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Cardlytics securities during the Class Period, you may move the Court no later than March 25, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us at:
Law Offices of Frank R. Cruz
12 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:
212 Avenue of the Stars, Suite 800
Visit our website at:www.frankcruzlaw.com
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2025.
PUB: 03/17/2025 12:05 PM/DISC: 03/17/2025 12:06 PM
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