CLASS ACTION ALERT: The Law Offices of Vincent Wong Remind Riskified Ltd. Investors of a Lead Plaintiff Deadline of July 1, 2022

Published: Jun. 27, 2022 at 4:00 PM EDT

NEW YORK, June 27, 2022 /PRNewswire/ -- Attention Riskified Ltd. ("Riskified Ltd.") (NYSE: RSKD) shareholders:

The Law Offices of Vincent Wong announce that a class action lawsuit has commenced on behalf of investors. This lawsuit is on behalf of all persons or entities who purchased Riskified Class A ordinary shares in or traceable to the Company's July 2021 initial public offering.

If you suffered a loss on your investment in Riskified Ltd., contact us about potential recovery by using the link below. There is no cost or obligation to you.

ABOUT THE ACTION: The class action against Riskified Ltd. includes allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) as Riskified expanded its user base, the quality of Riskified's machine learning platform had deteriorated (rather than improved as represented in documents issued in connection with the July 2021 initial public offering), because of, among other things, inaccuracies in the algorithms associated with onboarding new merchants and entering new geographies and industries; (ii) Riskified had expanded its customer base into industries with relatively high rates of fraud – including partnerships with cryptocurrency and remittance business – in which Riskified had limited experience and that this expansion has negatively impacted the effectiveness of Riskified's machine learning platform; (iii) as a result, Riskified was suffering from materially higher chargebacks and cost of revenue and depressed gross profits and gross profit margins during its third fiscal quarter of 2021; and (iv) thus, the representations in documents issued in connection with the July 2021 initial public offering regarding Riskified's historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of Riskified prior to and at the time of the July 2021 initial public offering, and were materially false and misleading, and lacked a factual basis.

DEADLINE: July 1, 2022

Aggrieved Riskified Ltd. investors only have until July 1, 2022 to request that the Court appoint you as lead plaintiff. You are not required to act as a lead plaintiff in order to share in any recovery.

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
E-Mail: vw@wongesq.com

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SOURCE The Law Offices of Vincent Wong

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