Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Reddit, Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements during a specified class period, which has impacted shareholder value [1][2]. Allegations - The lawsuit claims that during the class period from October 29, 2024, to May 20, 2025, Reddit's management failed to disclose significant changes in Google Search's algorithm that led to a decline in user traffic to Reddit [1]. - It is alleged that the changes in Google's algorithm, including features like AI Overview, caused users to stop their queries on Google Search, which was not previously experienced [1]. - The complaint states that the increase in search queries for "Reddit" was misleading, as users were finding answers directly from Google without visiting Reddit, indicating a zero-click search phenomenon that adversely affected Reddit's traffic [1]. - The defendants are accused of lacking a reasonable basis for their forecasts on user rates and advertising revenues, leading to materially false public statements [1]. Next Steps for Shareholders - Shareholders who purchased RDDT shares during the class period are encouraged to register for the class action by August 18, 2025, to potentially become lead plaintiffs [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle, with no cost or obligation to participate [2]. About the Law Firm - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud, ensuring companies adhere to responsible business practices [3].
August 18, 2025 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against RDDT