ACCESS Newswire
21 Nov 2022, 20:01 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / November 21, 2022 / Hagens Berman urges Bird Global, Inc. (NYSE:BRDS) investors who suffered significant losses to submit your losses now.
Class Period: May 14, 2021 - Nov. 14, 2022
Lead Plaintiff Deadline: Jan. 17, 2023
Visit: www.hbsslaw.com/investor-fraud/BRDS
Contact An Attorney Now: [email protected]
844-916-0895
Bird Global, Inc. (NYSE:BRDS) Securities Fraud Class Action:
The litigation challenges Bird's reported financial results and accounting for its primary source of revenues - namely, from Bird's Sharing business - whereby customers generally pay for rides from their preloaded wallet balances on a per-ride basis, and revenue is recognized at the completion of the ride.
According to the complaint, Defendants failed to disclose that: (1) Bird was improperly recording Sharing revenue for certain trips by its customers when collection was not probable; (2) as such, Bird was overstating its Sharing revenue for the relevant quarters and fiscal year during the Class Period; (3) Bird failed to disclose that its internal controls were not effective as they relate to calculating Sharing revenue; and, (4) as a result, Bird would need to restate its previously disclosed Sharing revenue.
Investors learned the truth on Nov. 14, 2022, when Bird announced that investors should no longer rely on the company's audited financial statements for the years ended Dec. 31, 2021 and 2020, its quarterly financial statements within those years, or on its financial statements for the quarters ended March 31 and June 30, 2022. The company admitted it improperly recorded Sharing revenues for those periods when collectability was not probable, and further admitted that it recorded revenues for customers with insufficient pre-loaded wallet balances.
This news drove the price of Bird shares crashing 15% lower that day.
'We're focused on investors' losses and proving Bird cooked its books,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Bird and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Bird should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
# # #
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Detroit Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Detroit Star.
More InformationMADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
(Photo credit: David Richard-Imagn Images) Riley Greene, Javier Baez and Gleyber Torres will start in the All-Star Game this month,...
(Photo credit: Eric Canha-Imagn Images) Boston right-hander Walker Buehler looks to put a horrid six-start stretch behind him when...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Michael C. Johnson-Imagn Images) Felix Ojo, a five-star offensive tackle, will stay in his home state of Texas after...
(Photo credit: Ken Blaze-Imagn Images) Wenceel Perez and Zach McKinstry hit solo home runs and four Detroit pitchers combined for...
(Photo credit: Chadd Cady-Imagn Images) The Tampa Bay Rays will begin their long, strange trip to the All-Star break when they face...