The Law Offices of Frank R. Cruz Announces Investigation of Root, Inc. (ROOT) on Behalf of Investors
LOS ANGELES–(BUSINESS WIRE)–$ROOT #investors—The Law Offices of Frank R. Cruz announces an investigation of Root, Inc. (“Root” or the “Company”) (NASDAQ: ROOT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On or around October 27, 2020, Root conducted its initial public offering (“IPO”), selling 26.8 million shares of common stock priced at $27.00 per share. Then, on March 9, 2021, BofA Securities analyst Joshua Shanker initiated coverage of Root with an “Underperform” rating on the premise that the Company is unlikely to be cash flow positive until 2027, finding that Root “will require not insignificant cash infusions from the capital markets to bridge its cash flow needs.”
On this news, Root’s stock price fell $0.18 per share, or 1.46%, to close at $12.17 per share on March 9, 2021, representing a 55% decline from the IPO price.
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If you purchased Root securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
