NEW YORK, Nov. 18, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the Central District of California on behalf of any person or entity that purchased Bird Global, Inc. n/a Securities of Switchback II Corporation (“Bird Global” or “Company”) BRDS between May 14, 2021 and November 14, 2022, both dates inclusive (the “Class Period”).

According to the Complaint, the Defendants made false and/or misleading statements and/or failed to disclose throughout the Class Period: (i) Bird Global failed to properly recognize Revenue Share for certain of its customers’ trips when collection was unlikely; (ii) as such, Bird Global overstated its equity proceeds for the relevant quarters and fiscal year during the Class Period; (iii) Bird Global has not disclosed that its internal controls have not been effective as they relate to the calculation of revenue recognition from the split; and (iv) as a result, Bird Global would be required to restate its previously disclosed sharing income.

On November 14, 2022, Bird Global announced that it would restate its consolidated financial statements for certain financial periods due to concerns about the recognition of royalties. In particular, Bird Global acknowledged that “for certain customers with insufficient preloaded ‘wallet’ funds [Bird Global’s] Business systems recorded revenue for uncollected balances upon completion of certain trips that should not have been recorded.” Bird Global further announced that “any previously provided or submitted report, related earnings announcement, investor presentation or similar communication by [Bird Global] describe [Bird Global’s] The financial results contained in the original documents should no longer be relied upon.” Following the news, Bird Global’s stock prices fell about 15%, hurting investors

Investors who have purchased or otherwise acquired Bird Global stock should contact the company before January 17, 2023 to lead…