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Cardlytics, Inc.

Company NameCardlytics, Inc.
Stock SymbolCDLX
Class PeriodMarch 14, 2024 to August 07, 2024
Lead Plaintiff Motion DeadlineMarch 25, 2025

On May 8, 2024, after the market closed, the Company revealed that its first quarter 2024 revenue only increased 8% year-over-year, despite a 12% increase in billings, due to a 20.2% increase in consumer incentives. 

On this news, the Company’s stock price fell $5.33, or 36.5%, to close at $9.27 per share on May 9, 2024, on unusually heavy trading volume. 

On August 7, 2024, after the market closed, Cardlytics released its second quarter 2024 financial results, revealing a 9% year-over-year decrease in revenue to $69.6 million, alongside a 3% decline in adjusted contribution to $36.4 million. The press release also disclosed that Karim Temsamani had stepped down as Chief Executive Officer and from the Board of Directors. 

On this news, Cardlytics’ stock price fell $3.94, or 57.1%, to close at $2.96 per share on August 8, 2024, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) increasing consumer engagement led to an increase in consumer incentives; (2) that the Company could not increase its billings commensurate with the increased consumer engagement; (3) that, as a result, there was a significant risk that its revenue growth would slow or decline; (4) that the changes to ADE, which led to increased consumer engagement, led to the “under-delivery” of budgets and customers billing estimates; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

 

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