Riskified Ltd., a software company that helps traders avoid fraud and chargebacks, has dismissed a potential shareholder class action lawsuit alleging the company made omissions and misrepresentations when it went public in July 2021.
The US District Court for the Southern District of New York granted the company’s motion to dismiss on June 2 because its disclosures were “conclusive.” In addition, the statements described by shareholders as misleading are clear when read in context, the court said.
Shareholders filed the securities fraud lawsuit on May 2, 2022, after Riskified’s share price fell to 70% of its IPO price.
The court rejected the ….
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