Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 07, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Sonder Holdings Inc. ("Sonder" or the "Company") (NASDAQ: SOND) investors that a class action has been filed on behalf of investors. Sonder investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 15, 2024, after market hours, Sonder issued a press release announcing that the Company's audited financial statement for its 2022 Annual Report, as well as the Company's unaudited consolidated financial statements in 2023 (collectively with the 2022 Annual Report, the "Affected Financial Statements"), should no longer be relied upon due to "accounting errors related to the valuation and impairment of operating lease ROU [right of use] assets and related items." Sonder stated that it "intends to restate the Affected Financial Statements" and that it "expects that the restatements will increase the Company's overall net loss and loss per share in the impacted periods."
On this news, Sonder's stock price fell $2.10 per share, or 38.2%, to close at $3.40 per share on March 18, 2024.
The Complaint alleges that Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Sonder failed to disclose all issues with its internal controls; (2) Sonder’s financial statements for the 2022 Annual Report and the interim periods ended March 31, June 30, and September 30, 2023 contained material errors in the way Sonder accounted for the valuation and impairment of operating lease right-of-use (“ROU”) assets; (3) as a result, Sonder would need to restate its previously issued financial statements for those periods; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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