The law firm of Kirby McInerney LLP is investigating potential claims against AllBirds, Inc. (“AllBirds” or the “Company”) (NASDAQ: BIRD). The investigation concerns whether AllBirds and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
AllBirds manufactures and retails footwear products.
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, 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, the price of AllBirds shares declined by $1.11 per share, or approximately 47.03%, from $2.36 per share to close at $1.25 on March 9, 2023.