SAN DIEGO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Cardlytics, Inc. (NASDAQ: CDLX) securities between March 14, 2024 and August 7, 2024. Cardlytics operates an advertising platform in the U.S. and the U.K.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Cardlytics, Inc. (CDLX) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants failed to disclose to investors: (1) increasing consumer engagement led to an increase in consumer incentives; (2) that the Company could not increase its billings commensurate with the increased consumer engagement; (3) that, as a result, there was a significant risk that its revenue growth would slow or decline; and (4) that the changes to the Company’s Ad Decision Engine, which led to increased consumer engagement, led to the “underdelivery” of budgets and customers billing estimates.
On August 7, 2024, Cardlytics released its second quarter 2024 financial results, revealing a 9% year-over-year decrease in revenue to $69.6 million, alongside a 3% decline in adjusted contribution to $36.4 million. Cardlytics also announced that its CEO had stepped down from the Board of Directors. On this news, the Company’s stock price fell $3.94, or 57.1%, to close at $2.96 per share on August 8, 2024.
What Now: You may be eligible to participate in the class action against Cardlytics, Inc. Shareholders who want to serve as lead plaintiff for the class must file papers with the court by March 25, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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