MONTREAL, March 4,
2025 /PRNewswire/ - Lightspeed Commerce Inc. (NYSE:
LSPD) (TSX: LSPD) ("Lightspeed" or the "Company"),
the one-stop commerce platform empowering merchants to provide the
best omnichannel experiences, today announced the United States District Court for the
Eastern District of New York has
dismissed in full the securities class action lawsuit against the
Company and certain of its executives. The decision marks a clear
and decisive victory for Lightspeed, stating that the allegations
had no adequate legal basis.
The lawsuit, which stemmed from allegations largely based on a
short-seller report published by Spruce Point Capital Management in
September 2021 that contained
numerous inaccuracies and mischaracterizations, was found to lack
merit. The Court ruled that the plaintiff failed to
allege any actionable claims.
"We welcome this outcome, which confirms what we've maintained
all along—Lightspeed has acted with integrity and transparency,"
said Dax Dasilva, Founder and CEO of
Lightspeed. "This ruling helps us put this matter behind us and
stay focused on delivering value for our stakeholders."
This announcement comes ahead of Lightspeed's Capital Markets
Day, scheduled for March 26, 2025 at
the New York Stock Exchange, where Lightspeed's management team
will provide a comprehensive update on the Company's transformation
plan, operational and financial impact, products, go-to-market
efforts, and provide a long-term financial outlook.
About Lightspeed
Powering the businesses that are the backbone of the global
economy, Lightspeed's one-stop commerce platform helps merchants
innovate to simplify, scale, and provide exceptional omnichannel
customer experiences. Our cloud commerce solution transforms and
unifies online and physical operations, multichannel sales,
expansion to new locations, global payments, financial solutions,
and connection to supplier networks.
Founded in Montréal, Canada in
2005, Lightspeed is dual-listed on the New York Stock Exchange and
Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across
North America, Europe, and Asia
Pacific, the company serves retail, hospitality, and golf
businesses in over 100 countries.
Follow us on social media: LinkedIn, Facebook, Instagram,
YouTube, and X.
Forward-Looking Statements
This news release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements"), including
information regarding litigation. Forward-looking statements are
statements that are predictive in nature, depend upon or refer to
future events or conditions and are identified by words such as
"will", "expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions concerning matters that are not
historical facts. Such statements are based on current expectations
of Lightspeed's management and inherently involve numerous risks
and uncertainties, known and unknown, including economic factors. A
number of risks, uncertainties and other factors may cause actual
results to differ materially from the forward-looking statements
contained in this news release, including, among other factors,
those risk factors identified in our most recent Management's
Discussion and Analysis of Financial Condition and Results of
Operations, under "Risk Factors" in our most recent Annual
Information Form, and in our other filings with the Canadian
securities regulatory authorities and the U.S. Securities and
Exchange Commission, all of which are available under our profiles
on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov. Readers
are cautioned to consider these and other factors carefully when
making decisions with respect to Lightspeed's subordinate voting
shares and not to place undue reliance on forward-looking
statements. Forward-looking statements contained in this news
release are not guarantees of future performance and, while
forward-looking statements are based on certain assumptions that
Lightspeed considers reasonable, actual events and results could
differ materially from those expressed or implied by
forward-looking statements made by Lightspeed. Except as may be
expressly required by applicable law, Lightspeed does not undertake
any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Lightspeed Commerce Inc.
