Bird Scooters Securities Fraud Investigation

11.17.2022

Girard Sharp attorneys are investigating claims on behalf of investors in Bird Global, Inc. [“Bird”]. According to recent reports, Bird may have violated federal securities law by overstating two years’ worth of revenue.

If you purchased or acquired Bird securities, contact a Girard Sharp attorney to discuss your potential claim. Call us toll-free at (866) 981-4800 or submit your information below to speak to a lawyer.

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More About Bird Securities Fraud Claims

Bird is a micromobility company founded in 2017 that manufactures electric scooters designed for short-term rental and operates in 400 cities globally. On November 14, 2022, Bird admitted to the US Securities and Exchange Commission that it had overstated the revenue it received from its shared electric scooters for at least two years, in 2020 and 2021.

According to recent reports, the discrepancy was discovered after an audit of financial statements from 2020 and 2021 in which it was found that Bird was counting customers’ preloaded “wallet” balances, which remain following the completion of a trip, as revenue. The company announced that the falsely reported revenue “should not have been recorded” and “should no longer be relied upon.”

Following this report, Bird shares fell nearly 16% the same day and continued to decline the following trading day.

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