An investor, who purchased shares of Instacart (Maplebear Inc.) (NASDAQ: CART), filed a lawsuit over alleged violations of Federal Securities Laws by Instacart (Maplebear Inc.).
Investors who purchased shares of Instacart (Maplebear Inc.) (NASDAQ: CART) have certain options and for certain investors are short and strict deadlines running. Deadline: March 25, 2024. NASDAQ: CART investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Francisco, CA based Instacart (Maplebear Inc.) (NASDAQ: CART) doing business as Instacart, provides online grocery shopping services to households in North America.
On August 25, 2023, Instacart (Maplebear Inc.) (NASDAQ: CART) filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with the initial public offering ("IPO"),which, after several amendments, was declared effective by the SEC on September 18, 2023 (the "Registration Statement").
On or around September 19, 2023, Instacart (Maplebear Inc.) conducted its initial public offering ("IPO"), selling 22 million shares of stock priced at $30.00 per share.
On September 20, 2023, Instacart (Maplebear Inc.) (NASDAQ: CART) filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the "Prospectus" and, collectively with the Registration Statement, the "Offering Documents").
Then on September 22, 2023, Reuters published an article noting, among other things, that Instacart's (Maplebear Inc's) (NASDAQ: CART) stock price was falling after "lukewarm analyst reports" indicated that the Company would struggle from heavy competition. For example, the article noted that "BTIG analyst Jake Fuller gave Instacart a 'neutral' rating and warned that the company faces heavy competition from DoorDash (DASH.N) and Uber Technologies (UBER.N) in the slowly expanding market of grocery delivery."
Then, on October 2, 2023, investment research firm Gordon Haskett initiated coverage of Instacart with a "hold" rating, stating that it "ha[s] doubts that online grocery delivery adoption will continue to materially increase at a time when consumers are becoming increasingly cautious about spending", while similarly citing the competitive environment in the online grocery shopping and delivery market as a headwind to the Company's business.
Shares of Instacart (Maplebear Inc.) (NASDAQ: CART) declined to $22.13 per share on January 05, 2024.
The plaintiff alleges on behalf of purchasers of Instacart (Maplebear Inc.) (NASDAQ: CART) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Offering Documents that were filed in connection with the company's IPO were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation.
In addition, the complaint alleges that, September 19, 2023 and October 1, 2023, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating, that Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market, that accordingly, Defendants overstated the Company's post-IPO growth, business, and financial prospects, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Instacart (Maplebear Inc.) (NASDAQ: CART) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ: CART Investor Notice Lawsuit Alleges Misleading Statements by Instacart (Maplebear Inc.)
A lawsuit was filed on behalf of investors in Instacart (Maplebear Inc.) (NASDAQ: CART) shares over alleged securities laws violations.