According to the Complaint, Allbirds, Inc. is a footwear and apparel company. Footwear represents the majority of the Company’s revenue and brand. Its core products include lifestyle and performance shoes, such as the Dasher and the Runner.

On November 4, 2021, the Company filed its prospectus on Form 424B4 with the SEC, which forms part of the Registration Statement. In its November 2021 IPO, the Company sold approximately 16,850,799 shares of Class A common stock at a price of $15.00 per share. The Company received proceeds of approximately $237 million from the Offering, net of underwriting discounts and commissions. The Company stated that it intended to use the net proceeds from the offering for “general corporate purposes, including working capital, operating expenses and capital expenditures.”

The Complaint alleges that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Allbirds was overemphasizing products that extended beyond the Company’s core offerings; (2) that the Company’s non-core products had a narrower appeal and were not resonating with customers as well as the Company’s core products; (3) that Allbirds was underinvesting in its core consumers’ favorite products to push the Company’s newer products with narrower appeal; (4) that underinvesting in Allbirds’ core products was negatively impacting the Company’s sales; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

On July 25, 2023, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 23-CV-01811.

Lead Plaintiffs filed a Consolidated Amended Complaint on September 15, 2023. Defendants filed a Motion to Dismiss the Consolidated Amended Complaint on November 3. On May 10, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Lead Plaintiffs filed a second Consolidated Amended Complaint on June 24, 2024. Defendants filed a Motion to Dismiss the second Consolidated Amended Complaint on September 5.

On June 23, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Lead Plaintiffs filed a third Consolidated Amended Complaint on July 14, 2025.