RBLX - Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed on Behalf of Roblox Corporation (RBLX) Investors and Encourages Investors to Contact the Firm Before January 26 2024 | Benzinga

NEW YORK, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Roblox Corporation ("Roblox" or the "Company") (NYSE:RBLX) securities during the period from March 10, 2021 through February 15, 2022 (the "Class Period"). Investors have until January 26, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The class action complaint alleges that throughout the Class Period, Roblox reported strong bookings and revenue growth. The Company attributed this growth to various factors, including the positive effect from COVID stay-at-home orders, its technology investments, and high-quality gaming content. However, Defendants misled investors by failing to disclose that a material portion of Roblox's growth was due to weak content controls and the lack of spending restrictions on its platform. These inadequate controls enabled younger Roblox users to play games with inappropriate content and make unauthorized ...

RBLX) Investors and Encourages Investors to Contact the Firm Before January 26, 2024>Full story available on Benzinga.com