Press release
Investigation for Investors in NYSE: LSPD shares over possible Wrongdoing at Lightspeed Commerce Inc.
An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Lightspeed Commerce Inc.
Investors who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Lightspeed Commerce directors breached their fiduciary duties and caused damage to the company and its shareholders.
Montreal, Canada, based Lightspeed Commerce Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Germany, Australia, and internationally. Lightspeed Commerce Inc. reported that its annual Total Revenue rose from $120.63 million for the 12 month period that ended on March 31, 2020, to $221.72 million for the 12 month period that ended on March 31, 2021, and that its Net Loss over those respective time periods increased from $53.53 million to $124.27 million.
On September 29, 2021, Spruce Point Capital Management, LLC published a short-seller report on Lightspeed. In the report, Spruce Point made the following claims:
“Evidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors.’
“Evidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (“ARPU”) is increasing.”
“Recent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices.”
“Weak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.”
Shares of Lightspeed Commerce Inc. (NYSE: LSPD) declined from $122.53 per share on September 22, 2021, to $88.71 per share on October 4, 2021.
Those who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.
Investors who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Lightspeed Commerce directors breached their fiduciary duties and caused damage to the company and its shareholders.
Montreal, Canada, based Lightspeed Commerce Inc. provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Germany, Australia, and internationally. Lightspeed Commerce Inc. reported that its annual Total Revenue rose from $120.63 million for the 12 month period that ended on March 31, 2020, to $221.72 million for the 12 month period that ended on March 31, 2021, and that its Net Loss over those respective time periods increased from $53.53 million to $124.27 million.
On September 29, 2021, Spruce Point Capital Management, LLC published a short-seller report on Lightspeed. In the report, Spruce Point made the following claims:
“Evidence shows that Lightspeed massively inflated its business pre-IPO, overstating its customer count by 85% and gross transaction volume (‘GTV’) by 10% – a payment volume metric that a former employee described as ‘smoke and mirrors.’
“Evidence of declining organic growth and business deterioration through Lightspeed’s IPO, despite management’s claims that Average Revenue Per User (“ARPU”) is increasing.”
“Recent acquisition spree has come at escalating costs with no clear path to profitability, while management pursues aggressive revenue reporting practices.”
“Weak governance standards and worrisome auditor oversight by PwC under a concerning CFO, who was tied to a prior technology roll-up scandal.”
Shares of Lightspeed Commerce Inc. (NYSE: LSPD) declined from $122.53 per share on September 22, 2021, to $88.71 per share on October 4, 2021.
Those who purchased shares of Lightspeed Commerce Inc. (NYSE: LSPD) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.
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