Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until May 18, 2021 to file lead plaintiff applications in securities class action lawsuits against Root, Inc. (NasdaqGS: ROOT), if they purchased the Company’s securities between October 28, 2020 and March 8, 2021, inclusive (the “Class Period”) and/or shares in connection with the Company’s initial public offering (“IPO”) conducted on or about October 28, 2020. These actions are pending in the United States District Court for the Southern District of Ohio.
What You May Do
If you purchased securities of Root and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-root/ to learn more. If you wish to serve as a lead plaintiff in the class actions, you must petition the Courts by May 18, 2021.
About the Lawsuits
Root and certain of its executives are charged with failing to disclose material information in its IPO Registration Statement and Prospectus and/or during the Class Period, violating federal securities laws. On March 9, 2021, multiple investor news resources reported that Bank of America Securities analyst Joshua Shanker initiated coverage of the Company with an “Underperform” rating concluding that it is unlikely to be cash flow positive until 2027, and that established market players would continue to impede the Company's profitability with superior telematics data and dominant market positions. On this news, shares of Root fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021, representing a total decline of 54.93% from the Offering price.
The first-filed case is Kolominsky v. Root Inc., et al., 21-cv-01197.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210514005562/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner/
lewis.kahn@ksfcounsel.com
1-877-515-1850
