SNOW - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Nextdoor and Snowflake and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 17, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (NYSE:KIND), and Snowflake Inc. (NYSE:SNOW). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (NYSE:KIND)
Class Period: July 6, 2021 - November 8, 2022 (Publicly Traded Class A Common Stock Only)
Lead Plaintiff Deadline: April 29, 2024
Nextdoor operates a hyperlocal online social networking platform that connects neighbors, public agencies, and businesses via the internet. Nextdoor was created through the November 5, 2021 merger of a privately held company called Nextdoor, Inc. and a publicly traded special purpose acquisition company (SPAC or blank-check company), then called Khosla Ventures Acquisition Co. II ("KV Acquisition Co."), with KV Acquisition Co. serving as the surviving entity and changing its name to Nextdoor Holdings, Inc. after the merger.
The Nextdoor class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Nextdoor's financial results prior to the merger had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor's platform and cannibalized future advertising revenue growth; (ii) rather than being sustained, such growth trends had already begun reversing at the start of the Class Period; (iii) Nextdoor's total addressable market was materially smaller than the 312 million households represented to investors; and (iv) by the start of the Class Period, Nextdoor's most important market – the U.S. market – was already substantially saturated, impairing Nextdoor's ability to monetize users and increase ...