Shoe Seller Allbirds Beats Proposed Class Action Investor Suit

Allbirds Inc. shook off a consolidated securities lawsuit alleging it misled investors about its commitment to its core product line.

Lead plaintiffs Yau Noi and Qu Jinghua can’t go forward with their suit as pled because they failed to identify which of the company’s statements they allege to be false or misleading, Judge Araceli Martínez-Olguín of the US District Court for the Northern District of California said. The court, however, granted the plaintiffs 30 days to file an amended complaint.

Allbirds, citing a 2019 ruling of the Northern District of California, argued the case should be dismissed because it ...