RBLX Investors Have Opportunity to Lead Roblox Corporation Securities Fraud Lawsuit

PRNewswire 12-Jun-2024 11:09 PM

NEW YORK, June 12, 2024 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Roblox Corporation (NYSE:RBLX) between November 15, 2023 and May 8, 2024. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 28, 2024.

For more information, and to join the Roblox Corporation class action, submit a form, or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com.

The Rosen Law Firm is investigating allegations that Roblox Corporation (RBLX) misled investors regarding its business operations.

According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or created the false impression that they possessed reliable information pertaining to Roblox's projected revenue outlook and anticipated bookings growth, due largely to expansions in Roblox's available platforms, changes in Roblox's digital technology (such as avatars), Roblox's shared economy with content creators, and advertising revenue. In truth, Roblox knew each of those bookings and revenue sources were tenuous at best. In fact, Roblox faced difficulty converting daily average users ("DAUs") into bookings and eventually blamed the very technology and platform growth it lauded as revolutionary and revenue-generating for this bookings problem. Defendants misled investors by providing the public with a materially flawed outlook for the relationship between DAU, bookings, and technology it lauded during its Investor Day and Earnings Call. When the true details entered the market, the lawsuit claims that investors suffered damages.

What Now: You may be eligible to participate in the class action against Roblox Corporation. The deadline to file a motion to be appointed as lead plaintiff is August 12, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      case@rosenlegal.com
      www.rosenlegal.com

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SOURCE THE ROSEN LAW FIRM, P. A.