Edelson Lechtzin LLP Announces Investigation of Potential Securities Fraud Claims Against Roblox Corporation (NASDAQ: RBLX)

PRNewswire 8-Oct-2024 7:17 PM

NEWTOWN, Pa., Oct. 8, 2024 /PRNewswire/ -- Edelson Lechtzin LLP, a leading class action law firm, is investigating potential securities fraud and breach of fiduciary duty claims on behalf of investors in Roblox Corporation (NASDAQ:RBLX) common stock.

Roblox investors with substantial losses and witnesses with non-public information about the company are urged to contact Edelson Lechtzin LLP at 844-696-7492, by e-mail at elechtzin@edelson-law.com, or online HERE.

THE ALLEGED WRONGDOING: Roblox, based in San Mateo, California, operates an online video game platform that lets gamers create, develop, and monetize games for other players.

On October 8, 2024, before the market opened, Hindenburg Research issued a report accusing Roblox of "lying to investors, regulators, and advertisers about the number of 'people' on its platform, inflating the key metric by 25-42%+." In addition, Roblox is alleged to have artificially inflated engagement hours, another key metric, by an estimated 100%. Even worse, the report claims "Roblox's social media features allow pedophiles to efficiently target hundreds of children, with no up-front screening to prevent them from joining the platform."

ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, data breach class actions, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.

CONTACT INFORMATION:

Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web:   www.edelson-law.com 

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing. Your ability to share in any potential future recovery does not depend upon serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP