Root, Inc. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of investors who purchased Root, Inc (NASDAQ: ROOT) Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about October 28, 2020.
According to the Root lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Root would foreseeably fail to generate positive cash flow for at least several years following the IPO; (ii) accordingly, the Company would foreseeably require significant cash infusions to meet its cash flow needs; (iii) notwithstanding the Defendants’ touting of Root’s purportedly unique, data-driven advantages, several of the Company’s established industry peers in fact possessed significant competitive advantages over Root with respect to, inter alia, telematics data and data engagement; and (iv) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
If you suffered a loss in Root you have until May 18, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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