Levi & Korsinsky notifies investors that it has commenced an investigation into Toast, Inc. (NYSE: TOST) concerning potential violations of the federal securities laws.
On or around September 22, 2021, Toast conducted its initial public offering ("IPO"), selling over 21.7 million shares priced at $40.00 per share. Then, on February 16, 2023, Toast issued a press release announcing its financial results for the fourth quarter and full year 2022. Among other items, Toast reported earnings per share of -$0.19, missing consensus estimates by $0.01. On this news, Toast's stock price fell $5.93 per share, or 22.84%, to close at $20.03 per share on February 16, 2023. Then, on July 19, 2023, Toast announced the removal of a $0.99 order processing fee from the Company's new version of its digital ordering suite. The processing fee, announced in June 2023, had prompted widespread complaints from restaurant operators. On this news, Toast's stock price fell sharply during intraday trading on July 19, 2023 from $26.76 per share on July 18, 2023 to $22.56.
If you suffered a loss on your Toast securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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