ALLBIRDS DEADLINE ALERT

Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Allbirds, Inc. and Encourages Investors to Contact the Firm

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Allbirds, Inc. (“Allbirds” or the “Company”) (NASDAQ: BIRD) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired either Allbirds Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s November 2021 initial public offering (“IPO” or the “Offering”); and/or Allbirds securities between November 4, 2021 and March 9, 2023, both dates inclusive (the “Class Period”). Investors have until June 12, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

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In November 2021, Allbirds conducted its IPO, selling approximately 16,850,799 shares of Class A common stock at $15.00 per share.

On March 9, 2023, after the market closed, the Company issued a press release announcing a fourth quarter 2022 net loss of $24.9 million and a full year 2022 net loss of $101.4 million. The Company also announced a full year 2022 adjusted EBITDA loss of $60.4 million, which was higher than the guidance target that estimated an adjusted EBITDA loss of $42.5 million to $37.5 million. Allbirds also disclosed in the press release that, in response to these negative results, it created a “strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability.” The plan purportedly focused on four areas: reigniting product and brand, optimizing U.S. stores and slowing the pace of openings, evaluating transition of international go-to-market strategy, and improving cost savings and capital efficiency.

Also on March 9, 2023, after the market closed, Allbirds announced that its Chief Financial Officer was stepping down.

The same day, March 9, 2023, the Company held a conference call with analysts to discuss its fourth quarter 2022 results. On the call, Defendant Joseph Zwillinger, the Company’s Co-CEO, explained that Allbirds’ poor results were driven in part by the fact that Allbirds “overemphasized products that extended beyond our core DNA.” As a result, he explained, “some products and colors have had narrower appeal than expected” and “[b]ecause we were spending significant time and resources on these new products that did not resonate well, we underinvested in our core consumers’ favorite products.”