On November 4, 2021, Allbirds filed its prospectus on a Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, Allbirds sold approximately 16,850,799 shares of Class A common stock at a price of $15.00 per share. Allbirds received proceeds of approximately $237 million from the Offering, net of underwriting discounts and commissions.

The complaint alleges that in the Registration Statement and throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Allbirds’ business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose to investors that: (1) Allbirds was overemphasizing products that extended beyond its core offerings; (2) Allbirds’ non-core products had a narrower appeal and were not resonating with customers as well as its core products; (3) Allbirds was underinvesting in its core consumers’ favorite products to push its newer products with narrower appeal; (4) underinvesting in Allbirds’ core products was negatively impacting the company’s sales; and (5) as a result of the foregoing, the defendants’ positive statements about Allbirds’ business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Investors who purchased or acquired Allbirds securities between November 4, 2021 and March 9, 2023, may no later than June 12, 2023, seek to be appointed as a lead plaintiff representative of the class.