SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Root, Inc. - ROOT
NEW YORK, March 10, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Root, Inc. ("Root" or the "Company") (NASDAQ: ROOT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Root and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around October 27, 2020, Root conducted its initial public offering ("IPO"), selling 26.8 million shares of common stock priced at $27.00 per share. Then, on March 9, 2021, BofA Securities analyst Joshua Shanker initiated coverage of Root with an "Underperform" rating on the premise that the Company 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."
On this news, Root's stock price fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021, representing a total decline of 54.93% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
View original content:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-root-inc---root-301244123.html
SOURCE Pomerantz LLP
