According to the Complaint, Maplebear Inc. d/b/a Instacart provides online grocery shopping services to households in North America. The Company sells and delivers a range of products in the food, alcohol, consumer health, pet care, and readymade meals categories, in addition to others. The Company offers its services through a mobile application and website, while also providing software-as-a-service solutions to retailers.

On August 25, 2023, Instacart filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 18, 2023. On September 19, 2023, pursuant to the Registration Statement, Instacart's common stock began publicly trading on the Nasdaq Global Select Market under the ticker symbol "CART". On September 20, 2023, Instacart filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed part of the Registration Statement. Pursuant to the Offering Documents, Instacart and other selling stockholders identified in the Prospectus sold 14.1 million and 7.9 million shares of the Company's common stock to the public, respectively, at the Offering price of $30.00 per share for total proceeds of approximately $400 million and $224 million to Instacart and the selling stockholders, respectively, after applicable underwriting discounts and commissions.

The Complaint alleges that the Offering Documents were negligently prepared and, as a result, contained untrue statements of material fact or omitted to state other facts necessary to make the statements made not misleading and were not prepared in accordance with the rules and regulations governing their preparation. In addition, the Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, the Complaint alleges the Offering Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Instacart had overstated the extent to which online grocery shopping and delivery habits among consumers were accelerating; (ii) Instacart had downplayed the extent of the competition that it faced in the online grocery shopping and delivery market; (iii) accordingly, Defendants overstated the Company's post-IPO growth, business, and financial prospects; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

On July 1, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an Amended Complaint on September 17. Defendants filed a Motion to Dismiss the Amended Complaint on October 29.

On May 9, 2025, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On May 30, the parties stipulated to Dismiss the case with prejudice. The Court ordered the case dismissed with prejudice on June 3.