The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased Ibotta, Inc. (“Ibotta” or the “Company”) (NYSE: IBTA) securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s April 2024 initial public offering (the “IPO” or “Offering”). Ibotta investors have until June 16, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR IBOTTA INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at info@frankcruzlaw.com, by telephone at (310) 914-5007, or visit our website at www.frankcruzlaw.com.
What Happened?
On April 18, 2024, Ibotta conducted its IPO, selling 2.5 million shares at $88.00 per share.
On August 13, 2024, after market hours, Ibotta released its second quarter 2024 financial results, revealing a net loss of $34 million, a 19% decline in direct-to-consumer redemptions, and a 7% reduction of direct-to-consumer redeemers. Additionally, despite being prominently featured in the Company’s Registration Statement, there was no mention of Kroger as Ibotta’s client in its quarterly report.
The price of Ibotta’s securities has plummeted since the IPO, devastating investors. As of April 17, 2025, Ibotta’s stock has traded significantly lower than the IPO price of $88.00 per share.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Kroger’s contract was at-will; (2) a large client could cancel their contract with Ibotta without warning; (3) despite providing a detailed explanation of the terms of Ibotta’s contract with Walmart, there was not a single warning of the at-will nature of Kroger’s contract; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Contact Us To Participate or Learn More:
If you purchased Ibotta securities pursuant and/or traceable to the IPO, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250421999355/en/
Law Offices of Frank R. Cruz Encourages Ibotta, Inc. (IBTA) Investors To Inquire About Securities Fraud Class Action
Contacts
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
