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 revenue [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 were causing users to stop their queries on Google, leading to reduced traffic to Reddit [1]. - It is claimed that the increase in search queries for "Reddit" was due to users finding answers directly on Google, not because they intended to visit Reddit [1]. - The lawsuit asserts that these changes resulted in a significant decline in traffic that the company could not overcome in the short term [1]. - As a result, the defendants lacked a reasonable basis for their outlook on user rates and advertising revenues, making their public statements misleading [1]. Group 2: Next Steps for Shareholders - Shareholders who purchased shares of RDDT during the specified class period are encouraged to register for the class action by August 18, 2025 [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive updates on the case [2]. - Participation in the case does not incur any cost or obligation for the shareholders [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to 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].
Investors in Reddit, Inc. Should Contact The Gross Law Firm Before August 18, 2025 to Discuss Your Rights - RDDT