NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II ("Nextdoor" or "the Company") (NYSE:KIND) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Nextdoor securities between July 6, 2021 and November 8, 2022, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/KIND.
Case Details:
Nextdoor operates a hyperlocal online social networking platform that connects neighbors, public agencies, and businesses via the internet.
Nextdoor was created on November 5, 2021, through the merger of a privately held company called Nextdoor, Inc. ("Nextdoor Private") and a publicly traded special purpose acquisition company (SPAC or blank-check company) then called Khosla Ventures Acquisition Co. II ("KV Acquisition Co."). KV Acquisition Co. served as the surviving entity and changed its name to Nextdoor Holdings, Inc. after the merger.
On Nextdoor's platform, "neighbors" (i.e., users) can view posts, discussions, and pictures from other neighbors, as well as notifications, comments, and groups. These features enable users to exchange information, services, and goods. Thus, the value of Nextdoor's advertising space–and its business, financial, and operational performance–is ultimately dependent on the size and level of engagement of the Company's user base.
On March 1, 2022, Nextdoor reported its financial results for the quarter during which the Merger was completed. Contrary to defendants' prior claims that accelerating growth trends were being sustained, the Company reported that the revenue growth rate in the fourth quarter had declined sequentially by 18% to 48% year-over-year growth, ...