Law Offices of Howard G. Smith reminds investors of the upcoming January 17, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Bird Global, Inc. f/k/a Switchback II Corporation (“Bird” or the “Company”) (NYSE: BRDS) securities between May 14, 2021 and November 14, 2022, inclusive (the “Class Period”).
Investors suffering losses on their Bird investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On November 14, 2022, Bird announced that it would restate its financial statements for certain periods in 2020, 2021, and 2022. According to the Company, the restatements seek to correct errors regarding “recognition of revenue on certain trips completed by customers of its Sharing business for which collectability was not probable.”
On this news, Bird’s share prices fell $0.069, or more than 15%, to close at $0.364 per share on November 14, 2022, thereby injuring investors.
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) Bird was improperly recording Sharing Revenue for certain trips by its customers where collection was not probable; (2) as such, Bird overstated its Sharing Revenue for the relevant quarters and fiscal year during the Class Period; (3) Bird failed to disclose that its internal controls were not effective as they relate to calculating Sharing Revenue recognition; (4) as a result, Bird would need to restate its previously disclosed Sharing Revenue; 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.
If you purchased or otherwise acquired Bird securities during the Class Period, you may move the Court no later than January 17, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.