RADNOR, Pa., April 12, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Amplitude, Inc. (“Amplitude”) (NASDAQ: AMPL). The action charges Amplitude with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Amplitude’ s materially misleading statements and omissions to the public, Amplitude’ s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR AMPLITUDE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/amplitude-inc?utm_source=PR&utm_medium=link&utm_campaign=ampl&mktm=r
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LEAD PLAINTIFF DEADLINE: APRIL 15, 2024
CLASS PERIOD: SEPTEMBER 21, 2021 THROUGH FEBRUARY 16, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at info@ktmc.com
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field as well as the firm itself which is continuously awarded for the successful results we’ve achieved. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
In addition to representing investors in cases where the fraud has been revealed, Kessler Topaz also represents whistleblowers – persons who expose wrongdoing to those in positions of authority or to the public- in cases brought under federal and state qui tam statutes, and through financial fraud whistleblower programs, such as those run by the SEC, CFTC and IRS. If you have information about fraud against government programs (such as Medicare), or violations of federal securities, commodities, tax or anti-foreign bribery laws, contact Kessler Topaz at (866) 369-7779 or at wbinfo@ktmc.com or go to https://www.ktmc-whistleblower.com.
DEFENDANTS’ ALLEGED MISCONDUCT
On September 21, 2021, Amplitude issued a press release announcing its financial results for Q2 2021. In the release, Amplitude highlighted several metrics that purportedly showed favorable growth at the company, including 66% quarterly revenue growth. Amplitude also stated that it expects that its full year 2022 total revenue growth will be in excess of 40%. The company also hosted an earnings call led in part by defendant Vuong, who emphasized that “[e]xpansion from existing customers were particularly robust as the team continued to execute well on our land-and-expand strategy.”
A week later, on September 28, 2021, Amplitude filed documents with the SEC in connection with its IPO through a direct listing, wherein the company continued to tout its land-and-expand strategy as one of its primary “Growth Strategies.” The following day, in an online AMA, defendant Skates highlighted that the company was experiencing explosive revenue growth. Thereafter, Amplitude continued to tout its growth and purported continued successful execution of its land-and-expand strategy.
Then, after the market closed on February 16, 2022, the truth was revealed when Amplitude revised downward its 2022 revenue guidance, from more than 40%, to a range of $226 million to $234 million (or 35% to 40%). During the earnings call that followed, Amplitude’s CFO stated that it was still “a few years” away from many of its new customers, “completely embrac[ing] the full capability of [Amplitude’s] digital optimization,” which he stated would eventually “drive larger expansion.”
After closing at $41.61 per share on February 16, 2022, the stock opened at $26 per share on February 17, 2022, 37% lower than its prior close, and continued dropping throughout the day, ultimately closing at $17.10, down nearly 59% on elevated trading volume of more than 20 million shares traded.
WHAT CAN I DO?
Amplitude investors may, no later than April 15, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Amplitude investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Amplitude, Fagan v. Amplitude, Inc., et al., Case No. 24-cv-00898, is filed in the United States District Court for the Northern District of California.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
info@ktmc.com
