SAN FRANCISCO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Cardlytics, Inc. ( CDLX) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.
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Investigation Into Cardlytics, Inc. (CDLX, Financial):
Cardlytics, Inc. is facing scrutiny from prominent shareholder rights firm Hagens Berman over its recent, bullish pronouncements on platform advancements and technological strides. The payments data platform provider had assured investors that these initiatives would be the catalyst for substantial growth, with management confidently asserting that the technology was “really paying off.”
However, these claims were sharply contradicted by the company’s Q2 2024 financial results, released on August 7, which fell dramatically short of revenue projections issued just three months prior. Cardlytics attributed the shortfall to “fast-paced changes to our technology platform,” leading to unpredictable advertiser spending and a projected 7% to 13% decline in billings for Q3 2024.
Adding to investor concerns, in response to analyst inquiry, management disclosed that the platform’s delivery issues had been evident for “a quarter or two.”
The revelation sent Cardlytics shares into a tailspin, plummeting 57% on August 8, 2024.
“We’re investigating whether Cardlytics may have misled investors about the prospects for its growth initiatives,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Cardlytics and have substantial losses submit your losses now »
If you’d like more information and answers to frequently asked questions about the Cardlytics investigation, read more »
Whistleblowers: Persons with non-public information regarding Cardlytics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
