RBLX Investors: January 26, 2024 Filing Deadline in Securities Class Action - Contact Lieff Cabraser

Published

SAN FRANCISCO, CA / ACCESSWIRE / January 2, 2024 / National plaintiffs' law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Roblox Corporation ("Roblox" or the "Company") (NYSE:RBLX) who suffered losses from purchasing or otherwise acquiring Roblox class A common stock between March 10, 2021 and February 15, 2022 to contact us immediately regarding a pending securities fraud class action against Roblox. The deadline to apply to be lead plaintiff is January 26, 2024.

Class Period: March 10, 2021 - February 15, 2022

Lead Plaintiff Motion Deadline: January 26, 2024

Case information: lieffcabraser.com/securities/roblox

Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358

Roblox operates a multi-player online game platform, game creation system, and "metaverse," that allows users to program games and play games created by other users. Roblox earns revenue primarily by selling its proprietary currency "Robux" to its users for the purchase of digital gaming items.

The action alleges that, throughout the Class Period, defendants made false or misleading statements and/or failed to disclose that (1) the Company's platform lacked adequate content controls and restrictions on user spending; (2) these deficiencies allowed children to interact with games containing inappropriate content and to make excessive, unauthorized purchases; (3) Roblox's bookings and revenue growth was largely due to such unauthorized purchases; (4) the Company's planned introduction of enhanced parental controls would adversely impact bookings in the fourth quarter 2021 and in 2022; and (5) for these reasons, Roblox's bookings and revenue growth during the Class Period was not sustainable. Roblox also failed to disclose slowing growth in daily active users, hours engaged, bookings, and average bookings per daily active user in connection with its core under-13 cohort.

After market close on February 15, 2022, Roblox announced disappointing fourth quarter 2021 results, with bookings and revenue falling well short of analysts' expectations. During a related earnings call with analysts and investors on February 16, 2022, Roblox's Chief Financial Officer confirmed that younger users would no longer be the growth engine for Roblox's bookings. On this news, the price of Roblox class A common stock fell $19.43 per share, or 26.51%, from a closing price of $73.30 on February 15, 2022, to close at $53.87 per share on February 16, 2022, on heavy trading volume.

Throughout the Class Period, Roblox insiders allegedly sold over $470 million of their personal Roblox shares.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.

Source/Contact

Sharon LeeLieff Cabraser Heimann & Bernstein, LLP415 956-1000slee@lchb.com

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

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