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 lawsuit 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 from Google Search, resulting in a decrease in visits to Reddit, contrary to their public statements about user rates and advertising revenues [2]. - The complaint asserts that the defendants lacked a reasonable basis for their outlook on user engagement and revenue, making 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 this role [3]. - Class members may be entitled to compensation without incurring 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].
Reddit, Inc. Sued for Securities Law Violations - Contact Levi & Korsinsky Before August 18, 2025 to Discuss Your Rights – RDDT