LOS ANGELES, March 28, 2024 /PRNewswire/ — Glancy Prongay & Murray LLP (“GPM”) announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (“Nextdoor” or the “Company”) (NYSE: KIND).
Class Period: July 6, 2021 – November 8, 2022
Lead Plaintiff Deadline: April 29, 2024
If you wish to serve as lead plaintiff of the Nextdoor lawsuit, you can submit your contact information at www.glancylaw.com/cases/Nextdoor-Holdings-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors: (1) that Nextdoor’s financial results prior to the Merger had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor’s platform and cannibalized future advertising revenue growth; (2) that, rather than being sustained, such growth trends had already begun reversing at the start of the Class Period; (3) that Nextdoor’s total addressable market was materially smaller than the 312 million households represented to investors; (4) that, by the start of the Class Period, Nextdoor’s most important market – the U.S. market – was already substantially saturated, impairing the Company’s ability to monetize users and increase its ARPU or U.S. WAUs; and (5) 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.
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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. 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP
