BIRD ALERT: Bragar Eagel & Squire, PC Announces Class Action Lawsuit Has Been Filed Against Bird Global, Inc. and Encourages Investors to Contact the Company | Biden News

BIRD ALERT: Bragar Eagel & Squire, PC Announces Class Action Lawsuit Has Been Filed Against Bird Global, Inc.  and Encourages Investors to Contact the Company

 | Biden News

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NEW YORK–(BUSINESS DATE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed against Bird Global, Inc. (“Bird” or the “Company”) (NYSE: BRDS) in the United States District Court for Central California on behalf of all persons and entities that purchased or otherwise acquired Bird securities between May 14, 2021 and 14 from November 2022, both dates inclusive (the “Class Period”). Investors have until January 17, 2023 to apply to the Court to be appointed as the main plaintiff in the lawsuit.

Click here to get in on the action.

On November 14, 2022, Bird filed an attached Form 8-K announcing that it would restate its consolidated financial statements for certain periods due to issues regarding the recognition of Revenue Sharing. In pertinent part, the press release stated:

On November 11, 2022, the Audit Committee of the Board of Directors (the “Audit Committee”) of Bird Global, Inc. (the “Company”), after discussion with management, has determined that (i) the Company’s audited consolidated financial statements as of December 31, 2021 and 2020, and for the years then ended, and quarterly periods within those years , included in the Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2022, (ii) its condensed consolidated financial statements as of March 31, 2022, and during the three months then ended, included in the Quarterly Report on Form 10-Q filed with the SEC on May 16, 2022 and (iii) its condensed. consolidated financial statements as of June 30, 2022, and for the three and six months then ended, included in the Quarterly Report on Form 10-Q filed with the SEC on August 15, 2022 (collectively, the “Original Filings “, and any such quarterly or annual period covered therein, an “effective period”), should no longer be relied upon. Similarly, any previously provided or filed reports, related earnings releases, investor presentations or similar communications of the Company describing the financial results of the Company contained in the Original Files should no longer be relied upon. The determination results from an error identified in connection with the preparation of the Company’s condensed consolidated financial statements as of September 30, 2022, and the three and nine months then ended, related to its business system configuration, which affected the recognition of income on certain trips. completed by customers of its Sharing business (“Rides”) for which collectability was not likely. Specifically, for certain customers with insufficient front-loaded “wallet” balances, the Company’s trading systems recorded revenue for uncollected balances after the completion of certain Drives that should not have been recorded. The Company believes that the error resulted in an overstatement of Sharing income in the consolidated statements of operations for the affected periods and an understatement of deferred income in the consolidated balance sheets as of the end of each affected period. The Company intends to amend the Original Documents as soon as possible. In connection with the statement, management reassessed the effectiveness of the Company’s disclosure controls and procedures. Management has concluded that the Company’s disclosure controls and procedures are not effective at a reasonable assurance level, due to a material weakness in its internal control over financial reporting related to the ineffective design of controls around its business systems that resulted in the recording of revenue for uncollected balances after the completion of certain Drives which should not have been registered. The Company is in the process of designing and implementing controls to resolve these deficiencies. (Emphasis added.)

On this news, Bird’s stock prices fell $0.069 per share, or more than 15%, from the previous trading date to close on November 14, 2022, at $0.364 per share, hurting investors.

As a result of Defendants’ wrongful acts and omissions, and the sudden decline in the market value of the Company’s securities, Plaintiff and other class members have suffered significant losses and damages.

If you purchased or otherwise acquired Bird stock and suffered a loss, are a long-time shareholder, have information, would like to learn more about these claims, or have questions about this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, by phone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, PC:

Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the company, please visit www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.

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