AMPL CLASS ACTION ANNOUNCEMENT

Kessler Topaz Meltzer & Check, LLP Announces Securities Class Action Lawsuit Filed Against Amplitude, Inc. (AMPL) - Seite 2

A week later, on September 28, 2021, Amplitude filed documents with the SEC in connection with its IPO through a direct listing, wherein the company continued to tout its land-and-expand strategy as one of its primary “Growth Strategies.” The following day, in an online AMA, defendant Skates highlighted that the company was experiencing explosive revenue growth. Thereafter, Amplitude continued to tout its growth and purported continued successful execution of its land-and-expand strategy.

Then, after the market closed on February 16, 2022, the truth was revealed when 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’s CFO stated that it 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.”

After closing at $41.61 per share on February 16, 2022, the stock opened at $26 per share on February 17, 2022, 37% lower than its prior close, and continued dropping throughout the day, ultimately closing at $17.10, down nearly 59% on elevated trading volume of more than 20 million shares traded.

WHAT CAN I DO?
Amplitude investors may, no later than April 15, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Amplitude investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Amplitude, Fagan v. Amplitude, Inc., et al., Case No. 24-cv-00898, is filed in the United States District Court for the Northern District of California.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.