SAN DIEGO — A law firm is urging investors in Ibotta, Inc., to take action following a significant class action lawsuit linked to the company’s recent initial public offering. Robbins Geller Rudman & Dowd LLP has announced that those who purchased Ibotta shares between its registration statement and the prospectus related to its IPO, which occurred around April 18, 2024, have until June 16, 2025, to become the lead plaintiff in a lawsuit against the company.
The case, titled Fortune v. Ibotta, Inc., alleges that Ibotta, along with some of its top executives and IPO underwriters, violated the Securities Act of 1933. Investors who believe they have suffered significant losses are encouraged to participate in the case.
Ibotta, known for its technology that allows consumer brands to deliver digital promotions, reportedly sold 2.5 million shares at a price of $88 each during its IPO. The lawsuit claims that crucial information was misleading or omitted in the offering documents. Specifically, it states that Ibotta did not adequately warn investors about the risks associated with its contract with The Kroger Co., which was reportedly at-will and could be terminated without notice. Furthermore, while Ibotta provided detailed information about its dealings with Walmart Inc., it allegedly failed to highlight the precarious nature of its arrangement with Kroger.
As of April 17, 2025, shares of Ibotta had dropped substantially below the IPO price, raising further concerns among investors.
Under the Private Securities Litigation Reform Act of 1995, any investor who acquired Ibotta shares as detailed in the registration statement has the right to seek appointment as lead plaintiff. The lead plaintiff will represent the interests of all class members and has the freedom to choose legal counsel for the case. Actively participating as a lead plaintiff does not affect an investor’s eligibility to benefit from any potential recovery.
Robbins Geller Rudman & Dowd LLP is renowned for its representation of investors in securities fraud cases and shareholder litigation. The firm has secured significant financial recoveries for clients and has consistently ranked at the forefront of law firms addressing such cases. In 2024 alone, the firm reportedly recovered more than $2.5 billion on behalf of investors, an impressive figure that highlights its effectiveness in this arena.
For more information, affected individuals can access a designated webpage or contact Robbins Geller’s attorneys directly.
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