INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation of Root, Inc. (ROOT) on Behalf of Investors
BENSALEM, Pa.–(BUSINESS WIRE)–$ROOT #CLASSACTION–Law Offices of Howard G. Smith announces an investigation on behalf of Root, Inc. (“Root” or the “Company”) (NASDAQ: ROOT) investors concerning the Company’s possible violations of federal securities laws.
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 55% decline from the IPO price.
If you purchased Root securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
