NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Toast, Inc. (“Toast” or the “Company”) (: TOST). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Toast and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around September 22, 2021, Toast conducted its initial public offering (“IPO”), selling over 21.7 million shares priced at $40.00 per share. Then, on February 16, 2023, Toast issued a press release announcing its financial results for the fourth quarter and full year 2022. Among other items, Toast reported earnings per share of -$0.19, missing consensus estimates by $0.01. On this news, Toast’s stock price fell $5.93 per share, or 22.84%, to close at $20.03 per share on February 16, 2023. Then, on July 19, 2023, Toast announced the removal of a $0.99 order processing fee from the Company’s new version of its digital ordering suite. The processing fee, announced in June 2023, had prompted widespread complaints from restaurant operators.
On this news, Toast’s stock price fell $4.20 per share, or 15.70% percent, to close at $22.56 per share on July 19, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
