Allbirds, Inc., a well-known footwear company, is currently under investigation by the law firm Bragar Eagel & Squire, P.C. for potential claims against its long-term stockholders. The investigation follows a class action complaint filed against Allbirds on April 13, 2023, with a Class Period from November 4, 2021, to March 9, 2023, in connection with the Company’s November 2021 IPO.

The complaint alleges that Allbirds’ board of directors may have breached their fiduciary duties to the company by making materially false and/or misleading statements in the Registration Statement and throughout the Class Period, as well as failing to disclose material adverse facts about the Company’s business, operations, and prospects.

Specifically, the complaint claims that Allbirds overemphasized products beyond its core offerings, with non-core products having a narrower appeal and not resonating with customers as well as the Company’s core products. Additionally, it is alleged that Allbirds underinvested in its core consumers’ favorite products to push the Company’s newer products with narrower appeal, negatively impacting the Company’s sales. As a result, the complaint argues that Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and lacked a reasonable basis.

If you are a long-term stockholder of Allbirds and would like to learn more about these claims or have any questions concerning this matter, you are encouraged to contact Brandon Walker or Marion Passmore by email at investigations@bespc.com or by telephone at (212) 355-4648. There is no cost or obligation to you.

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California, representing individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country.