NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Roblox Corporation ("Roblox" or the "Company") (NYSE: RBLX) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Roblox investors who were adversely affected by alleged securities fraud between November 15, 2023 and May 8, 2024. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/roblox-lawsuit-submission-form?prid=90737&wire=3 

RBLX investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: According to the complaint, on February 7, 2024, Roblox – the publisher of the Minecraft video game – issued its FY 2024 fiscal guidance. It was the first time Roblox issued a fiscal guidance to investors. Then, on May 9, 2023, Roblox hosted its quarterly earnings call and slashed its guidance for FY 2024. Management blamed changes in player engagement for the guidance reduction. Analysts expressed dismay at the rapidly reduced guidance, with one analyst noting Roblox made the cut “at one of its first real opportunities to do so.” Other analysts reported the reduced guidance “may raise concerns regarding management’s visibility into core bookings growth” and the Company “will be burdened by a management credibility issue over the near term.” Following the earnings call, RBLX shares fell $8.61, or 22% overnight.

WHAT'S NEXT? If you suffered a loss in Roblox during the relevant time frame, you have until August 12, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com 
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com 

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