NEW YORK, May 14, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Aterian, Inc. («Aterian» or the «Company») (NASDAQ: ATER) from December 1, 2020 through May 3, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Aterian securities, and/or would like to discuss your legal rights and options please visit Aterian Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) the Company’s organic growth is plummeting; (2) the Company’s recent, self-lauded acquisitions were overpayments for flawed assets from questionable sources; (3) Aterian’s proposed artificial intelligence software is a flawed product that lacks customer interest; (4) Aterian uses rebate programs and paid or artificial reviews to pump up their product offerings; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 4, 2021, Culper Research published a scathing report, entitled «Aterian (ATER): Bought from Felons & Fraudsters, Sold to You.» The research report accused the company of associating and having ties to convicted criminals, overhyping its AIMEE platform, and using «garbage» acquisitions to conceal its «ill-conceived core business.» Culper Research also stated that «Aterian has been largely unsuccessful in convincing other Amazon sellers to pay for its AIMEE AI platform, and at least 5 former employees and a former customer have expressed doubts regarding AIMEE’s legitimacy.»
On this news, Aterian’s stock price fell $3.04 per share, or approximately 24% over the next two trading days to close at $15.72 per share on May 5, 2021, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Aterian securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/aterianinc-ater-shareholder-class-action-lawsuit-fraud-stock-399/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP