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NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Presto Automation, Inc. (NASDAQ: PRST). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Presto and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 24, 2023, White Diamond (“White Diamond”) issued a one-page news brief on Presto. White Diamond’s report alleged that, following rumors of Presto Automation having a deal with McDonald’s Corporation (“McDonald’s”), the Company’s website included the McDonald’s logo under a section of select customers as recently as April 21, 2023, before removing the logo over the following weekend. White Diamond opined that the logo “was removed because the reality is McDonald’s isn’t a customer of PRST in any way, and now that attention is on PRST, they don’t want to get sued by investors for false information, or even sued by McDonalds!”
Following publication of the White Diamond report, Presto’s stock price fell $0.64 per share, or 17.73%, to close at $2.97 per share on April 24, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
888-476-6529 ext. 7980