Core Viewpoint - A class action securities lawsuit has been filed against Reddit, Inc. alleging securities fraud that negatively impacted investors between October 29, 2024, and May 20, 2025 [1] Group 1: Lawsuit Details - The complaint claims that the defendants made false statements regarding the impact of changes in Google Search's algorithm, which led to a significant reduction in traffic to Reddit [2] - It is alleged that the defendants were aware that users were finding answers directly on Google Search, rather than visiting Reddit, which contributed to the decline in user engagement [2] - The lawsuit asserts that the defendants lacked a reasonable basis for their forecasts on user rates and advertising revenues, resulting in materially false and misleading public statements [2] Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until August 18, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require this [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees, and there is no obligation to participate [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4] - The firm has over 70 employees dedicated to serving clients in complex securities litigation and has been ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years [4]
Shareholders that lost money on Reddit, Inc.(RDDT) should contact Levi & Korsinsky about pending Class Action - RDDT