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Lightspeed Commerce Vindicated as Full Dismissal of U.S. Securities Class Action Announced

 Lightspeed Commerce Inc., the one-stop commerce platform empowering merchants to provide the best omnichannel experiences, today announced the United States District Court for the Eastern District of New York has dismissed in full the securities class action lawsuit against the Company and certain of its executives. The decision marks a clear and decisive victory for Lightspeed, stating that the allegations had no adequate legal basis.

The lawsuit, which stemmed from allegations largely based on a short-seller report published by Spruce Point Capital Management in September 2021 that contained numerous inaccuracies and mischaracterizations, was found to lack merit. The Court ruled that the plaintiff failed to allege any actionable claims.

“We welcome this outcome, which confirms what we’ve maintained all along—Lightspeed has acted with integrity and transparency,” said Dax Dasilva, Founder and CEO of Lightspeed. “This ruling helps us put this matter behind us and stay focused on delivering value for our stakeholders.”

This announcement comes ahead of Lightspeed’s Capital Markets Day, scheduled for March 26, 2025 at the New York Stock Exchange, where Lightspeed’s management team will provide a comprehensive update on the Company’s transformation plan, operational and financial impact, products, go-to-market efforts, and provide a long-term financial outlook.

Read the full press release here. 

About Lightspeed

Powering the businesses that are the backbone of the global economy, Lightspeed’s one-stop commerce platform helps merchants innovate to simplify, scale, and provide exceptional omnichannel customer experiences. Our cloud commerce solution transforms and unifies online and physical operations, multichannel sales, expansion to new locations, global payments, financial solutions, and connection to supplier networks.

Founded in Montréal, Canada in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange (NYSE: LSPD) (TSX: LSPD). With teams across North America, Europe, and Asia Pacific, the company serves retail, hospitality, and golf businesses in over 100 countries.

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