Kessler Topaz Meltzer & Check, LLP Announces Investigation of Securities Fraud Claims on Behalf of Root, Inc. Investors
RADNOR, Pa., March 15, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Root, Inc. ("Root") (NASDAQ: ROOT).
Root, Inc. is a technology company and the parent company of Root Insurance Company. Root Insurance Company provides automobile insurance to drivers in 30 U.S. states. On October 27, 2020, Root conducted its initial public offering ("IPO"), selling 26.8 million shares of common stock priced at $27.00 per share.
On March 9, 2021, BofA Securities, Inc. analyst Joshua Shanker initiated coverage of Root with an "Underperform" rating on the premise that Root is unlikely to be cash flow positive until 2027, finding that Root "will require not insignificant cash infusions from the capital markets to bridge its cash flow needs."
Following this news, Root's common stock price fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021 – a total decline of 54.93% from the IPO price.
If you are a Root investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or please visit the following link to fill out our online form https://www.ktmc.com/root-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=root.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP
