Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Reddit, Inc. regarding a class action lawsuit due to alleged misleading statements and omissions related to user traffic and advertising revenues during a specified class period [1][2]. Group 1: Allegations - The complaint alleges that during the class period from October 29, 2024, to May 20, 2025, Reddit's management made materially false and misleading statements [1]. - Key allegations include that changes in Google Search's algorithm led to a significant reduction in traffic to Reddit, as users were able to find answers directly on Google without visiting Reddit [1]. - It is claimed that the defendants were aware of the zero-click search phenomenon but failed to disclose its impact on user rates and advertising revenues, leading to inflated public statements [1]. Group 2: Class Action Details - Shareholders who purchased RDDT shares during the class period are encouraged to register for the class action, with a deadline set for August 18, 2025 [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the lifecycle of the case [2]. - There is no cost or obligation for shareholders to participate in the case [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].
The Gross Law Firm Reminds Reddit, Inc. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of August 18, 2025 - RDDT