Core Viewpoint - A class action lawsuit has been filed against Ibotta, Inc. for allegedly misleading investors during its initial public offering (IPO) on April 18, 2024, particularly regarding its contract with Kroger [1][3]. Summary by Relevant Sections Lawsuit Details - The lawsuit is filed in the United States District Court for the District of Colorado on behalf of all individuals and entities who purchased Ibotta securities related to the IPO [1]. - Investors have until June 16, 2025, to apply to be appointed as lead plaintiff in the lawsuit [1]. Allegations Against Ibotta - The registration statement issued during the IPO allegedly contained false or misleading statements, particularly failing to disclose the risks associated with Ibotta's contract with Kroger [3]. - It is claimed that the contract with Kroger was at-will, meaning it could be canceled without notice, which was not disclosed to investors [3]. - Ibotta provided general warnings about maintaining client relationships but did not specifically mention the risk of losing a major client like Kroger [3]. - By August 13, 2024, Kroger was no longer listed as a client in Ibotta's SEC filings, indicating a significant loss of business [3]. - Following the IPO, Ibotta's stock price has significantly declined from the initial offering price of $88.00 per share, resulting in substantial losses for investors [3].
IBOTTA ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Ibotta, Inc. and Encourages Investors to Contact the Firm