Allbirds Secures Motion to Dismiss Win in Securities Fraud Class Action
San Diego – May 10, 2024 – Cooley successfully represented Allbirds, a global footwear and apparel brand with roots in New Zealand and headquarters in San Francisco, in a securities fraud class action lawsuit brought by investors. Lawyers Koji Fukumura, Ryan Blair and Heather Speers led the Cooley team representing Allbirds.
The lawsuit alleged that Allbirds made false and misleading statements in connection with its initial public offering (IPO) in 2021, claiming that its IPO registration failed to disclose that it would be promoting products beyond its core offerings.
Allbirds challenged the plaintiffs’ statements, claimming that they weren’t actionable. US District Judge Araceli Martínez-Olguín granted Allbirds’ motion to dismiss, with leave to amend, and denied the request for judicial notice as moot.
The case is Gennady Shnayder et al., v. Allbirds, Inc., et al. before the US District Court for the Northern District of California (case number 23-cv-01811-AMO).
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