If you suffered losses exceeding $100,000 investing in Amplitude stock or options between September 21, 2021 and February 16, 2022 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/AMPL.
There is no cost or obligation to you.
NEW YORK, Feb. 23, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Amplitude, Inc. (“Amplitude” or the “Company”) (NASDAQ: AMPL) and reminds investors of the April 15, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Amplitude’s land-and-expand strategy was years away from significantly accelerating revenues among its newer client cohorts; and (2) the rapid acceleration in Amplitude’s second quarter of 2021 results resulted from the ephemeral effects of the COVID-19 pandemic which had not continued by the start of the Class Period, as Amplitude clients were expanding at a slower pace.
On February 16, 2022, Amplitude revised downward its 2022 revenue guidance, from more than 40% to a range of $226 million to $234 million (or 35% to 40%). During the earnings call that followed, Amplitude CFO, defendant Hoang Vuong, stated that Amplitude was still “a few years” away from many of its new customers “completely embrac[ing] the full capability of [Amplitude’s] digital optimization,” which he stated would eventually “drive larger expansion.” On this news, the price of Amplitude stock fell nearly 59%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Amplitude’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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