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Published June 10, 2025
Ibotta, Inc. may have promised cash back to consumers, but now its investors are the ones wanting some cash back. The tech firm behind digital promotions went public in April 2024 at $88 per share. But after troubling revelations just months later, its stock price nosedived. Now, investors are taking action with a class-action lawsuit against the company.
The case is about what Ibotta didn’t say. According to the lawsuit, Ibotta’s IPO paperwork forgot to mention its major partnership with Kroger was an at-will contract, meaning Kroger could walk away at any time, no strings attached.
Investors learned the truth August 2024, when Ibotta filed its quarterly report with the SEC, conspicuously omitting any mention of Kroger. That silence said everything, signaling to investors that the Kroger partnership was probably done.
Investors responded swiftly, with Ibotta’s way down from its IPO high. Now more shareholders are joining the lawsuit.