NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Roblox Corp. (“Roblox” or the “Company”) (NYSE: RBLX) between November 15, 2023 and May 8, 2024, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that Defendants created the false impression that they possessed reliable information pertaining to Roblox’s projected revenue outlook and anticipated bookings growth, due largely to expansion in Roblox’s available platforms, changes in Roblox’s digital technology (such as avatars), Roblox’s shared economy with content creators, and advertising revenue. According to the Complaint, in fact, Roblox faced difficulty converting daily active users into bookings and eventually blamed the very technology and platform growth Roblox lauded as revolutionary and revenue-generating for this bookings problem.

The Complaint further alleges that on May 8, 2024, Roblox revised down its fiscal year 2024 bookings guidance to $4.0 billion to $4.14 billion and revised down total revenue to $3.30 billion to $3.40 billion. On this news, the price of Roblox stock fell more than 22%, according to the complaint.

Investors who purchased or otherwise acquired shares of Roblox should contact the Firm prior to the August 12, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.