Roblox Faces Deadline in Securities Fraud Lawsuit

Philadelphia, Pennsylvania—A class action lawsuit has been initiated against Roblox Corp. in the U.S. District Court for the Northern District of California, representing investors who acquired Roblox securities between November 15, 2023, and May 8, 2024. The legal action, filed by Berger Montague PC, seeks to address alleged misrepresentations made by the company regarding its revenue outlook and anticipated growth during the specified period. The lawsuit claims that Roblox misled investors by presenting an inaccurate picture of its financial health, particularly in relation to its expanding platforms and digital technology advancements. The company, which boasts 77.7 million daily users across its various platforms, is accused of creating a false sense of security about its performance, which may have influenced investment decisions during the class period. Investors interested in participating in the lawsuit have until August 12, 2024, to apply for the role of lead plaintiff. This position is typically held by an investor or a small group of investors with the most significant financial stake in the case, who will guide the litigation on behalf of the entire class. Those who do not wish to take on this role can still remain part of the class without any impact on their potential recovery. Berger Montague, a firm with a long history in securities class action litigation, has been representing investors since 1970. The firm operates across multiple U.S. cities and continues to advocate for the rights of individual and institutional investors in various legal matters.