Press Release

Allbirds Secures Motion to Dismiss Win in Securities Fraud Class Action

May 10, 2024

San Diego – May 10, 2024 – Cooley successfully represented Allbirds, a global footwear and apparel brand with roots in New Zealand and headquarters in San Francisco, in a securities fraud class action lawsuit brought by investors. Lawyers Koji Fukumura, Ryan Blair and Heather Speers led the Cooley team representing Allbirds.

The lawsuit alleged that Allbirds made false and misleading statements in connection with its initial public offering (IPO) in 2021, claiming that its IPO registration failed to disclose that it would be promoting products beyond its core offerings.

Allbirds challenged the plaintiffs’ statements, claimming that they weren’t actionable. US District Judge Araceli Martínez-Olguín granted Allbirds’ motion to dismiss, with leave to amend, and denied the request for judicial notice as moot.

Read the order

The case is Gennady Shnayder et al., v. Allbirds, Inc., et al. before the US District Court for the Northern District of California (case number 23-cv-01811-AMO).

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has 1,300+ lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.