Roblox CorporationShareholders May Have Been Affected by Fraud – Levi & Korsinsky Investigates

Levi & Korsinsky notifies investors that it has commenced an investigation of Roblox Corporation (‘Roblox’) (NYSE:RBLX) concerning possible violations of federal securities laws

On February 7, 2024, Roblox – the publisher of the Minecraft video game – issued its FY 2024 fiscal guidance. It was the first time Roblox issued a fiscal guidance to investors.

Then, on May 9, 2023, Roblox hosted its quarterly earnings call and slashed its guidance for FY 2024. Management blamed changes in player engagement for the guidance reduction.

Analysts expressed dismay at the rapidly reduced guidance, with one analyst noting Roblox made the cut ‘at one of its first real opportunities to do so.’ Other analysts reported the reduced guidance ‘may raise concerns regarding management’s visibility into core bookings growth’ and the Company ‘will be burdened by a management credibility issue over the near term.’

Following the earnings call, RBLX shares fell $8.61, or 22% overnight.

To obtain additional information, go to:

Roblox Lawsuit Submission Form

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
https://zlk.com/

SOURCE: Levi & Korsinsky, LLP

View the original press release on accesswire.com