According to the lawsuit, defendants made materially false and misleading statements regarding Instacart’s business, operations, and prospects. Specifically, the Offering Documents and defendants made false and/or misleading statements and/or failed to disclose that:
- Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating;
- Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market;
- accordingly, defendants overstated Instacart’s post-IPO growth, business, and financial prospects; and
- as a result, Instacart’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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