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][2]. 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, leading to a decrease in visits to Reddit, contrary to their public statements about user engagement and advertising revenue [2]. - The lawsuit asserts that the defendants lacked a reasonable basis for their outlook on user rates and advertising revenues, rendering their public statements materially false and misleading [2]. Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until August 18, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].
Shareholders of Reddit, Inc. Should Contact Levi & Korsinsky Before August 18, 2025 to Discuss Your Rights - RDDT