NEW ORLEANS, Jan. 12, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 26, 2024 to file lead plaintiff applications in a securities class action lawsuit against Roblox Corporation (NYSE: RBLX), if they purchased or otherwise acquired the Company’s shares between March 10, 2021 and February 15, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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Roblox investors should visit us at https://claimsfiler.com/cases/nyse-rblx/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Roblox and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Roblox platform had insufficient content controls and lacked user spending restrictions; (ii) these inadequate controls enabled younger users to play games with inappropriate content and make excessive, unauthorized purchases; (iii) a material portion of the Company’s bookings and revenue growth was due to these excessive, unauthorized purchases; (iv) the Company’s planned rollout of enhanced parental controls would negatively impact Q4 2021 and 2022 bookings; and (v) based on the foregoing, the Company’s bookings and revenue growth were unsustainable throughout the Class Period.
The case is DeKalb County Pension Fund v. Roblox Corporation, et al., 23-cv-06618.
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