The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II who purchased common stock between July 6, 2021 and November 8, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) Nextdoor’s financial results prior to the November 2021 merger with Khosla Ventures Acquisition Co. II, had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor’s platform and cannibalized future advertising revenue growth; (b) rather than being sustained, such growth trends had already begun reversing at the start of the class period; (c) Nextdoor’s total addressable market was materially smaller than the 312 million households represented to investors; (d) by the start of the class period, Nextdoor’s most important market – the U.S. market – was already substantially saturated, impairing the Company’s ability to monetize users and increase its average revenue per weekly active user, or U.S. weekly active user metrics; (e) as a result of (a)-(d) above, Nextdoor’s revenue guidance for fiscal year 2022 had no reasonable basis in fact and the Company was tracking tens of millions of dollars below the revenue trajectory provided to investors.
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 April 29, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
