Core Viewpoint - A class action lawsuit has been filed against Reddit, Inc. for allegedly misleading investors about reduced user traffic due to changes in Google Search algorithms [1][2]. Group 1: Allegations - The complaint states that Reddit's management failed to disclose significant changes in Google Search that led to decreased user engagement on the platform [2]. - It is alleged that the increase in search queries for "Reddit" was misleading, as users were finding answers directly on Google without visiting Reddit [2]. - The lawsuit claims that these changes resulted in a dramatic reduction in traffic that the company could not address in the short term, leading to false public statements regarding user rates and advertising revenues [2]. Group 2: Legal Proceedings - Shareholders interested in serving as lead plaintiffs must file motions by August 18, 2025, to represent the class in the litigation [3]. - Participation in the case is not required to be eligible for recovery, allowing shareholders to remain absent class members if they choose [3]. Group 3: Company Background - Robbins LLP is noted as a leader in shareholder rights litigation, focusing on helping shareholders recover losses and improve corporate governance since 2002 [4].
RDDT Investor Notice: Robbins LLP Reminds Reddit, Inc Stockholders of the Reddit, Inc. Class Action Lawsuit