Important Notice for Shareholders of Cardlytics, Inc.
New York, NY – The Gross Law Firm, a leading securities fraud class action law firm, announces that a class action lawsuit has been filed against Cardlytics, Inc. (CDLX) in the United States District Court for the Northern District of Georgia on behalf of shareholders who purchased or acquired the securities of Cardlytics, Inc. between February 25, 2021, and November 1, 2022, inclusive (the “Class Period”).
Details of the Class Action Lawsuit
The complaint alleges that during the Class Period, Cardlytics, Inc. and certain of its officers and directors made false and misleading statements and failed to disclose material information to the investing public regarding the Company’s business, operations, and financial condition. Specifically, the complaint alleges that the defendants failed to disclose that:
- Cardlytics was experiencing significant declines in revenue due to the termination of a large contract with a major financial institution;
- The Company’s financial results were negatively impacted by the termination of this contract;
- The Company’s financial guidance for 2022 was not achievable;
- Cardlytics had weakened internal controls over financial reporting;
- As a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
Effect on Individual Shareholders
If you purchased or acquired CDLX securities during the Class Period, you may be entitled to participate in the class action. The lead plaintiff is the plaintiff with the largest financial interest in the relief sought by the class. The lead plaintiff is a crucial part of the litigation process, and the Gross Law Firm is dedicated to helping shareholders recover the maximum possible damages from the defendants. If you wish to serve as the lead plaintiff, you must apply to the Court no later than April 4, 2025. To be eligible for appointment as lead plaintiff, you must meet certain legal requirements. If you do not wish to serve as lead plaintiff, you may still participate in the class action.
Effect on the World
The class action lawsuit against Cardlytics, Inc. has significant implications for the financial industry as a whole. The allegations of misrepresentation and weakened internal controls over financial reporting raise concerns about the accuracy and reliability of financial statements and reports issued by publicly traded companies. This case highlights the importance of robust internal controls and effective disclosure practices in maintaining investor confidence and ensuring fair and transparent markets. As the case progresses, it will be closely watched by investors, regulators, and industry experts.
Conclusion
If you purchased or acquired CDLX securities during the Class Period, we encourage you to contact The Gross Law Firm as soon as possible to discuss your potential role in this important litigation. Our experienced attorneys are dedicated to helping shareholders recover the maximum possible damages from the defendants. With extensive experience in prosecuting securities fraud class actions, The Gross Law Firm is well-positioned to help you seek justice and recover your losses.
For more information, please contact The Gross Law Firm at 212-504-5453, or by email at [email protected]. You can also visit our website at www.grosslawfirm.com to learn more about our firm and the class action.
The Gross Law Firm represents investors worldwide and accepts cases on a contingency fee basis. We advance the costs of the litigation, and our clients pay nothing unless we recover.
About The Gross Law Firm
The Gross Law Firm is a leading securities fraud class action law firm that represents individual and institutional investors nationwide. The firm’s mission is to fight for the rights of shareholders and help them recover their losses. The Gross Law Firm has recovered billions of dollars for its clients and is committed to protecting investors from fraudulent and deceitful practices.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. The Gross Law Firm is a national securities fraud law firm that represents individuals and institutions in securities fraud, antitrust, and consumer fraud cases.
