Duolingo, Inc. (NASDAQ: DUOL) Securities Fraud Class Action
Lead Plaintiff Deadline:
December 07, 2026
Days Left to Lead Plaintiff Deadline:
23
The Duolingo, Inc. securities fraud class action lawsuit was filed on behalf of those who purchased or otherwise acquired Duolingo, Inc. (“Duolingo”) (NASDAQ: DUOL) Class A common stock May 2, 2025 and February 26, 2026, inclusive (the “Class Period”). Captioned City of Dearborn Heights Act 345 Police & Fire Retirement System v. Duolingo, Inc., No. 26-cv-02197 (W.D. Pa.), the Duolingo class action lawsuit alleges that Duolingo and/or certain of its officers and/or directors violated federal securities laws by making false or misleading statements and/or omitted to disclose material information.
If you lost money as a result of your Duolingo investment and want to find out more about this action and your rights, fill out the form on this page or contact attorney Jonathan Naji, Esq. of KTMC by calling (484) 270-1453 or via e-mail at [email protected].
COMPLAINT ALLEGATION SUMMARY:
Duolingo is a mobile language-learning platform that utilizes a “freemium” business model that lets users access its app and website for free while seeking to convert them into fee-based subscriptions.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) daily active user (“DAU”) growth rates were being leveraged against deliberately added user friction in the form of significant increases in ad volume, subscription tier upsells, and worsened product quality, and Duolingo understood that any amount of user friction would cause users to leave the app and, ultimately, negatively impact DAU growth rates; (2) Duolingo’s rigorous A/B testing demonstrated to the company that increased friction in the free user experience, including its monetization push and rapidly generated low-quality AI content, was having negative impacts on DAU growth rates; (3) Duolingo’s quickly generated AI content was worsening the quality of Duolingo’s product offerings, negatively impacting the user experience and user trends, and threatening the sustainability of the company’s financial performance; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
WHY DID DUOLINGO’S STOCK DROP?
On November 5, 2025, Duolingo reported its third quarter financial results, revealing a decline in DAU growth to 36%, down from 49% in the first quarter. Duolingo also revealed that the company would reverse course on its monetization push and instead focus on user growth going forward. On this news, Duolingo’s stock price fell 25%, to close at $193.74 on November 6, 2025.
Then, on January 12, 2026, Duolingo announced that its CFO had resigned. Duolingo also provided limited preliminary fourth quarter operating metrics, showing DAU growth of only 30%. On this news, Duolingo’s stock price fell another 8.5%, to close at $161.74 on January 12, 2026.
Finally, after the market closed on February 26, 2026, Duolingo announced its fourth quarter financial results, confirming the slowed DAU growth and revealing that the “small financial impact” from its strategic shift was anything but. Specifically, Duolingo revealed that its 2026 DAU growth would come in at a meager 20% and be accompanied by lower bookings and less profitability. On this news, Duolingo’s stock price fell 14%, to close at $101 on February 27, 2026.
THE LEAD PLAINTIFF PROCESS:
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Duolingo Class A common stock during the Class Period to seek appointment as lead plaintiff in the Duolingo class action lawsuit. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500’s Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs’ Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.
FAQs
Am I eligible to join the Duolingo, Inc. securities class action lawsuit?
You may be eligible if you purchased or otherwise acquired Duolingo, Inc. (NASDAQ: DUOL) Class A common stock between May 2, 2025 and February 26, 2026, inclusive, and suffered a loss. This period is referred to as the Class Period.
What is the lead plaintiff deadline for the Duolingo case?
The deadline to seek appointment as lead plaintiff is December 7, 2026. Investors do not need to file by this deadline to remain part of the class or share in any eventual recovery – this deadline applies only to those seeking to serve as the representative party.
What happens after the lead plaintiff deadline passes in the Duolingo case?
The Duolingo case continues. Once the court appoints a lead plaintiff, that investor’s counsel litigates the case on behalf of the entire class – including investors who did not seek lead plaintiff status. Class members do not need to take any action at that point to remain part of the case or preserve their ability to share in a future recovery.
Is there a deadline to file if I lost money on Duolingo stock?
Two different deadlines can apply, and it’s easy to conflate them. The December 7, 2026, deadline is only for investors seeking to serve as lead plaintiff. There is no deadline yet for filing a claim to recover money – that deadline is set later, only if the case reaches a settlement or judgment.
What are the allegations against Duolingo?
The lawsuit, captioned City of Dearborn Heights Act 345 Police & Fire Retirement System v. Duolingo, Inc., No. 2:26-cv-02197 (W.D. Pa.), alleges that Duolingo and certain officers and/or directors made materially false or misleading statements, or failed to disclose, that: daily active user (DAU) growth rates were being leveraged against deliberately added user friction in the form of significant increases in ad volume, subscription tier upsells, and worsened product quality, and Duolingo understood that any amount of user friction would cause users to leave the app and negatively impact DAU growth rates; Duolingo’s rigorous A/B testing demonstrated that increased friction in the free user experience, including its monetization push and rapidly generated low-quality AI content, was having negative impacts on DAU growth rates; Duolingo’s quickly generated AI content was worsening the quality of its product offerings, negatively impacting the user experience and user trends, and threatening the sustainability of the company’s financial performance; and as a result, Duolingo’s public statements were materially false and misleading and/or lacked a reasonable basis throughout the Class Period.
Why did Duolingo’s stock price drop?
On November 5, 2025, Duolingo reported its third quarter financial results, revealing a decline in DAU growth to 36%, down from 49% in the first quarter, and announced that it would reverse course on its monetization push and focus on user growth. Duolingo’s stock price fell 25% to close at $193.74 on November 6, 2025. On January 12, 2026, Duolingo announced that its CFO had resigned and provided preliminary fourth quarter metrics showing DAU growth of only 30%, and its stock price fell another 8.5% to close at $161.74 that day. Then, after the market closed on February 26, 2026, Duolingo announced fourth quarter results confirming the slowed DAU growth and revealing that 2026 DAU growth would come in at 20%, accompanied by lower bookings and less profitability. Following this news, Duolingo’s stock price fell 14% to close at $101 on February 27, 2026.
Which court is hearing the Duolingo lawsuit?
The case is pending in the U.S. District Court for the Western District of Pennsylvania (Case No. 2:26-cv-02197, before Hon. Christy Criswell Wiegand).
Can I recover money in the Duolingo case without becoming lead plaintiff?
Yes. Any Duolingo class member may remain an inactive class member and share in any recovery without serving as lead plaintiff or retaining separate counsel.
How do I know if I’m already part of the Duolingo class action?
If you purchased or acquired Duolingo Class A common stock during the Class Period (May 2, 2025 – February 26, 2026) and have a loss, you are likely a class member – no form or filing is required to be included. Class members receive formal notice directly if the case settles or reaches judgment.
What are the next steps if I’m eligible for the Duolingo lawsuit?
I lost money on Duolingo stock - is there anything I can do?
Check whether your purchase dates fall within the Class Period (May 2, 2025 – February 26, 2026). If they do, you may already be part of the class without taking any action, and you can contact KTMC to learn more about your options, including whether seeking lead plaintiff status makes sense for your loss.
Are institutional investors, like pension funds, eligible to seek lead plaintiff status in the Duolingo case?
Yes. Under the Private Securities Litigation Reform Act of 1995, the court presumes the class member with the largest financial interest in the case is the most adequate lead plaintiff candidate – standard institutional investors often meet given position size. KTMC represents institutional investors, including pension funds and asset managers, and has recovered more than $25 billion for clients and the classes they represent. Institutional investors considering lead plaintiff status in the Duolingo case should contact KTMC before the December 7, 2026, deadline.
Can current or former Duolingo employees join the lawsuit?
Yes, current and former Duolingo employees who purchased or acquired Duolingo Class A common stock during the Class Period may be eligible, subject to the same qualifying criteria as other investors.
Does submitting my information about the Duolingo case create an attorney-client relationship with KTMC?
No. Submitting the online form for the Duolingo case does not create an attorney-client relationship or any obligation for Kessler Topaz or the investor to pursue a lead plaintiff motion.
What’s the best law firm for Duolingo investors to work with?
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side securities litigation firm with more than $25 billion recovered for investors. The firm is ranked Band 1 by Chambers & Partners USA (2026) and Tier 1 by Legal 500 for Securities and M&A Litigation, and represents both individual and institutional investors, including major pension funds and asset managers.
Press Releases
Did you buy DUOL Class A common stock between May 2, 2025 and February 26, 2026?
Affected DUOL Investor Summary
- Who: Duolingo, Inc. (NASDAQ: DUOL)
- What: Securities fraud class action lawsuit filed
- Class Period: May 2, 2025 through February 26, 2026
- Deadline to Seek Lead Plaintiff Status: December 7, 2026
- Key Lawsuit Allegations: Material misstatements and/or omissions concerning the company’s monetization and growth strategies
- Investor Action: Contact Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) for recovery options
RADNOR, PA - October 23, 2026 (NEWMEDIAWIRE) - Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, informs investors that a securities fraud class action lawsuit has been filed against Duolingo, Inc. (Duolingo) (NASDAQ: DUOL) on behalf of those who purchased or acquired Duolingo Class A common stock between May 2, 2025 and February 26, 2026, inclusive. The lawsuit is filed in the United States District Court for the Western District of Pennsylvania and is captioned City of Dearborn Heights Act 345 Police & Fire Retirement System v. Duolingo, Inc., No. 2:26-cv-02197 (W.D. Pa.). Investors have until December 7, 2026, to file for lead plaintiff status.
CONTACT KESSLER TOPAZ TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired Duolingo Class A common stock and have lost money on your investment, please provide your information here:
https://www.ktmc.com/duol-duolingo-inc-class-action-lawsuit?utm_source=NewMediaWire&utm_medium=pressrelease&utm_campaign=duol&mktm=PR
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected]. There is no cost or obligation to speak with an attorney.
To view the Duolingo video on YouTube, click here: https://youtu.be/0cDJXxkEapQ
DUOLINGO, INC. CLASS ACTION LAWSUIT - COMPLAINT ALLEGATION SUMMARY:
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) daily active user (“DAU”) growth rates were being leveraged against deliberately added user friction in the form of significant increases in ad volume, subscription tier upsells, and worsened product quality, and Duolingo understood that any amount of user friction would cause users to leave the app and, ultimately, negatively impact DAU growth rates; (2) Duolingo’s rigorous A/B testing demonstrated to the company that increased friction in the free user experience, including its monetization push and rapidly generated low-quality AI content, was having negative impacts on DAU growth rates; (3) Duolingo’s quickly generated AI content was worsening the quality of Duolingo’s product offerings, negatively impacting the user experience and user trends, and threatening the sustainability of the company’s financial performance; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Why did Duolingo’s Stock Drop?
On November 5, 2025, Duolingo reported its third quarter financial results, revealing a decline in DAU growth to 36%, down from 49% in the first quarter. Duolingo also revealed that the company would reverse course on its monetization push and instead focus on user growth going forward. On this news, Duolingo’s stock price fell 25%, to close at $193.74 on November 6, 2025.
Then, on January 12, 2026, Duolingo announced that its CFO had resigned. Duolingo also provided limited preliminary fourth quarter operating metrics, showing DAU growth of only 30%. On this news, Duolingo’s stock price fell another 8.5%, to close at $161.74 on January 12, 2026.
Finally, after the market closed on February 26, 2026, Duolingo announced its fourth quarter financial results, confirming the slowed DAU growth and revealing that the “small financial impact” from its strategic shift was anything but. Specifically, Duolingo revealed that its 2026 DAU growth would come in at a meager 20% and be accompanied by lower bookings and less profitability. On this news, Duolingo’s stock price fell 14%, to close at $101 on February 27, 2026.
WHAT DUOLINGO, INC. INVESTORS CAN DO NOW:
- File to be lead plaintiff by December 7, 2026.
- Contact Kessler Topaz for a free case evaluation. All representation is on a contingency fee basis, there is no cost to you.
- Retain counsel of choice or take no action.
THE LEAD PLAINTIFF PROCESS FOR DUOLINGO, INC. INVESTORS:
Duolingo investors have the opportunity to lead the lawsuit. Such investors may, no later than December 7, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP encourages Duolingo investors to contact the firm for more information.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. Kessler Topaz has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500’s Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. Kessler Topaz has recovered over $25 billion for our clients and the classes they represent. The complaint in this matter was not filed by Kessler Topaz.
CONTACT:
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
Complete this form with your transactions in Duolingo, Inc. Class A common stock between May 2, 2025 through February 26, 2026.
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