Kessler Topaz Meltzer & Check, LLP: Investigation on Behalf of Root, Inc. (2021) Shareholders
Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or acquired: (a) Root, Inc. (“Root”) (NASDAQ: ROOT) securities between October 28, 2020 and March 8, 2021, both dates inclusive (the “Class Period”); and/or (b) Root Class A common stock issued in connection with Root’s initial public offering conducted on or about October 28, 2020 (the “IPO”).
Root investors may receive additional information about the investigation by clicking the link "Submit Your Information" above.
Root is a technology company and the parent company of Root Insurance Company. Root Insurance Company provides automobile insurance to drivers in 30 U.S. states. On October 27, 2020, Root conducted its initial public offering (“IPO”), selling 26.8 million shares of common stock priced at $27.00 per share.
On March 9, 2021, BofA Securities, Inc. analyst Joshua Shanker initiated coverage of Root with an “Underperform” rating on the premise that Root is unlikely to be cash flow positive until 2027, finding that Root “will require not insignificant cash infusions from the capital markets to bridge its cash flow needs.”
Following this news, Root’s common stock price fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021 – a total decline of 54.93% from the IPO price.
If you are a Root investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at [email protected]. If you would like additional information about the investigation, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Please complete this form relating to your transactions Root, Inc. (NASDAQ: ROOT) (a) securities between October 28, 2020 and March 8, 2021, both dates inclusive (the “Class Period”); and/or (b) Root Class A common stock issued in connection with Root’s initial public offering conducted on or about October 28, 2020 (the “IPO”).
You may also contact James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435 or toll free at (844) 887-9500, or you may submit your information via email at [email protected], or you may click here to print a PDF of this form.