|Company Name||Allbirds, Inc.|
In November of 2021, Allbirds conducted its initial public offering, issuing more than 20 million shares at $15.00 per share.
On March 9, 2023, after trading hours, Allbirds announced that its Chief Financial Officer, Mike Bufano, was stepping down. The Company also announced a fourth quarter 2022 net loss of $24.9 million and that the Company had a “strategic transformation plan to reignite growth, improve costs and capital efficiency, and drive profitability.”
On this news, Allbirds’ stock price fell $1.11, or 47%, to close at $1.25 per share on March 10, 2023, thereby injuring investors.
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