New Suit - Securities Class Action

Riskified Ltd., a ecommerce risk management platform, and certain officers and directors were hit with a securities class action Monday in New York Southern District Court in connection with the company's July 2021 initial public offering. The suit, brought by Robbins Geller Rudman & Dowd and Johnson Fistel LLP, contends that Riskified overstated the capabilities of its machine-learning platform to successfully detect and prevent fraud. The suit also brings claims against Goldman Sachs, JPMorgan Chase, Credit Suisse and other investment banks who served as underwriters of the IPO. Counsel have not yet appeared for the defendants. The case is 1:22-cv-03545, Thomas v. Riskified Ltd. et al.