According to the Complaint, The Trade Desk, Inc. operates globally as a technology company, offering a self-service, cloud-based, ad-buying platform that allows marketers to plan, manage, optimize, and measure data-driven ad campaigns. Leading up to the Class Period, Trade Desk launched Kokai on June 6, 2023, a generative artificial intelligence (“AI”) forecasting tool that enables users to more effectively deploy advertising spending. In a press release announcing the Kokai launch, Trade Desk described Kokai as a “co-pilot to the programmatic marketer” that digests over 13 million advertising impressions every second, helping “advertisers buy the right ad impressions, at the right price, to reach the target audience at the best time.” This lawsuit was filed against Trade Desk and two of its officers.

The Complaint alleges Defendants failed to disclose that: (1) Trade Desk was experiencing significant, ongoing, self-inflicted execution challenges rolling out Kokai, including transitioning clients to Kokai from the Company’s older platform Solimar; (2) such execution challenges meaningfully delayed the Kokai Rollout; (3) Trade Desk’s inability to effectively execute the Kokai Rollout negatively impacted the Company’s business and operations, particularly revenue growth; and (4) as a result of the above, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On June 4, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel.