NEW YORK, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Maplebear Inc. d/b/a Instacart (NASDAQ: CART)?
- Did you purchase your shares pursuant and/or traceable to the Company’s September 19, 2023 IPO, or between September 19, 2023 and October 1, 2023, inclusive?
- Did you lose money in your investment in Maplebear Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who: (a) purchased or acquired the common stock of Maplebear Inc. d/b/a Instacart (“Instacart” or the “Company”) (NASDAQ: CART) pursuant and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering conducted on or about September 19, 2023 (the “IPO” or “Offering”); and/or (b) purchased or acquired Instacart securities between September 19, 2023 and October 1, 2023, both dates inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Complaint”).
If you purchased or acquired Instacart securities, including pursuant to the IPO, and/or would like to discuss your legal rights and options please visit Maplebear Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Instacart provides online grocery shopping services to households in North America. The Company sells and delivers a range of products in the food, alcohol, consumer health, pet care, and ready-made meals categories, in addition to others. The Company offers its services through a mobile application and website, while also providing software-as-a-service solutions to retailers.
On August 25, 2023, Instacart filed a registration statement on Form S-1 with the SEC in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 18, 2023 (the “Registration Statement”). Then, on September 19, 2023, pursuant to the Registration Statement, Instacart’s common stock began publicly trading on the Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol “CART”.
On September 20, 2023, Instacart filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement (the “Prospectus” and, collectively with the Registration Statement, the “Offering Documents”).
The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. In addition, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (ii) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market; and (iii) accordingly, Defendants overstated the Company’s post-IPO growth, business, and financial prospects.
On October 2, 2023, investment research firm Gordon Haskett initiated coverage of Instacart with a “hold” rating, stating that it “ha[s] doubts that online grocery delivery adoption will continue to materially increase at a time when consumers are becoming increasingly cautious about spending”, while similarly citing the competitive environment in the online grocery shopping and delivery market as a headwind to the Company’s business.
On this news, Instacart’s stock price fell $2.73 per share, or 9.2%, to close at $26.96 per share on October 2, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Instacart securities, including pursuant to the IPO, and/or would like to discuss your legal rights and options please visit Maplecart Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
