Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Dutch Bros Inc. who purchased shares between March 1, 2022 and May 11, 2022.
Dutch Bros and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 11, 2022, the Company disclosed dismal 1Q2022 financial results including a net loss of $16.3 million, compared to a net loss of $4.8 million for the first quarter of 2021 and an adjusted net loss of $2.5 million (a loss of $0.02 per share), which fell below analysts’ expectations, due to its failure to “perceive the speed and magnitude of cost escalation within the quarter,” among other things.
On this news, shares of Dutch fell $9.26, or 26.9%, to close at $25.11 per share on May 12, 2022.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 1, 2023 to request that the court appoint them lead plaintiff.