Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Bird Global, Inc. f/k/a Switchback II Corporation (“Bird” or the “Company”) (NYSE: BRDS) securities between May 14, 2021 and November 14, 2022, inclusive (the “Class Period”). Bird investors have until January 17, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Bird investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 14, 2022, Bird announced that it would restate its financial statements for certain periods in 2020, 2021, and 2022. According to the Company, the restatements seek to correct errors regarding “recognition of revenue on certain trips completed by customers of its Sharing business for which collectability was not probable.”
On this news, Bird’s share prices fell $0.069, or more than 15%, to close at $0.364 per share on November 14, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Bird was improperly recording Sharing Revenue for certain trips by its customers where collection was not probable; (2) as such, Bird overstated 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 recognition; (4) as a result, Bird would need to restate its previously disclosed Sharing Revenue; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Bird securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
