NEW YORK, May 08, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that a class action lawsuit has been filed against Allbirds, Inc. (“Allbirds” or the “Company”) BIRD in the United States District Court for the Northern District of California on behalf of all individuals and entities that purchased or otherwise acquired Allbirds Class A common stock pursuant to and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) in connection with the Company’s initial public offering in November 2021 (“IPO” or the “Offering”); and/or securities of Allbirds between 4 November 2021 and 9 March 2023, both dates inclusive (the “Collection Period”). Investors have until June 12, 2023 to petition the court to be named lead plaintiff in the lawsuit.

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In November 2021, Allbirds completed its initial public offering, selling approximately 16,850,799 Class A common shares at $15.00 per share.

On March 9, 2023, after the market close, the Company issued a press release announcing a net loss of $24.9 million for the fourth quarter of 2022 and a net loss of $101.4 million for the full year 2022. The company also reported a full-year 2022 Adjusted EBITDA loss of $60.4 million, ahead of guidance that estimated an Adjusted EBITDA loss of between $42.5 million and $37.5 million. Allbirds also said in the press release that in response to these negative results, it has created a “strategic transformation plan to revitalize growth, improve cost and capital efficiencies and increase profitability.” The plan reportedly focused on four areas: revitalizing the product and brand, optimizing US stores and slowing the pace of opening, evaluating the transition of the international go-to-market strategy, and improving cost savings and capital efficiency.

Also on March 9, 2023, after market close, Allbirds announced that its Chief Financial Officer…