A securities class action has been filed against Sonder Holdings Inc. (SOND) on behalf of a Class consisting of all persons and entities other than Defendants who purchased or otherwise acquired publicly traded Sonder securities between March 16, 2023 through March 15, 2024.  This case has been filed in the USDC – C.D.CA.

On March 15, 2024, after market hours, Sonder filed a Current Report on Form 8-K with the SEC announcing its “audited consolidated financial statements for the year ended December 31, 2022 (the “2022 Annual Financial Statements”), and the unaudited condensed consolidated financial statements included in each of the Company’s quarterly reports on Form 10-Q filed with the [SEC] in 2023 (collectively with the 2022 Annual Financial Statements, the “Affected Financial Statements”), should no longer be relied upon due to accounting errors related to the valuation and impairment of operating lease right of use (“ROU”) assets and related items.” In addition, Sonder stated “it will not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “FY 2023 10-K”) and will file a notification of late filing on Form 12b-25 with the SEC.”

On this news, Sonder’s stock price fell $2.10 per share, or 38.2%, to close at $3.40 per share on March 18, 2024.