SAN FRANCISCO, Nov. 18, 2022 (GLOBE NEWSWIRE) — Hagens Berman calls on Bird Global, Inc. BRDS Investors who have suffered significant losses Submit your losses now.

school lesson: May 14, 2021 – Nov 14, 2022
Deadline for lead plaintiff: January 17, 2023
Visit: https://www.hbsslaw.com/investor-fraud/BRDS
Contact a lawyer now: BRDS@hbsslaw.com
844-916-0895

Bird Global, Inc. BRDS Class action lawsuit alleging securities fraud:

The litigation challenges Bird’s reported financial results and accounting for its primary source of revenue — namely, from Bird’s sharing business — with customers generally paying for rides from their preloaded wallet balance per ride, and revenue being recognized upon completion of the ride.

According to the lawsuit, the defendants failed to disclose the following: (1) Bird failed to properly record revenue share for certain of its customers’ trips, even though collection was not likely; (2) as such, Bird overstated its equity proceeds for the relevant quarters and fiscal year during the Class Period; (3) Bird has not disclosed that its internal controls were not effective as they relate to the calculation of split-up revenue; and (4) as a result, Bird would be required to restate its previously disclosed proceeds from the investment.

Investors learned the truth on November 14, 2022, when Bird announced that investors should no longer rely on the company’s audited financial statements for the years ended December 31, 2021 and 2020, its quarterly reports during those years, or on its financial statements for the quarters ended March 31 and June 30, 2022. The Company acknowledged that it had improperly recognized revenue from revenue sharing for the periods when collectability was not likely and further admitted that it Recorded revenue for customers with insufficient preloaded wallet funds.

The news drove Bird’s share price down 15% on the day.

“We are focused on investor losses and proving that Bird falsified its books,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.

If…