Gainey McKenna & Egleston Investigates The Officers And Directors Of Root, Inc. (ROOT)

NEW YORK, July 08, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that it is investigating the officers and directors of Root, Inc. ("Root" or the "Company") ROOT for potential breaches of fiduciary duties, waste of corporate assets, and unjust enrichment between October 28, 2020 and March 8, 2021.

A securities class action complaint is pending in the United States District Court for the Southern District of Ohio (the "Securities Class Action"). The complaint in the Securities Class Action alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Root would foreseeably fail to generate positive cash flow for at least several years following the Company initial public offering ("IPO"); (ii) accordingly, Root would foreseeably require significant cash infusions to meet its cash flow needs; (iii) notwithstanding the defendants' touting of Root's purportedly unique, data-driven advantages, several of Root's established industry peers in fact possessed significant competitive advantages over Root with respect to, inter alia, telematics data and data engagement; and (iv) as a result, the IPO Documents and the defendants' public statements were materially false and/or misleading and failed to state information required to be stated therein.

If you wish to discuss your rights or interests, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.