Overview

A class action lawsuit has been filed against Ibotta, Inc. (“Ibotta” or the “Company”) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The Company’s common stock trades on the NYSE under the ticker symbol “IBTA.”

The Ibotta class action lawsuit was brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded Ibotta securities pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Ibotta’s April 18, 2024, initial public offering (the “IPO” or “Offering”) (the “Class Period”).

Ibotta purports to be a technology company that allows consumer packaged goods brands to deliver digital promotions to millions of consumers through its network called the Ibotta Performance Network.

The Ibotta class action lawsuit alleges that the underwriter defendants are liable under the Securities Act of 1933 for false and misleading statements contained in the Registration Statement issued in connection with Ibotta’s IPO.  These underwriter defendants are investment banking firms that specialize in underwriting public offerings of securities and serve as underwriters for the IPO, collectively earning millions of dollars in fees.  In preparation for the Offering, they organized a multi-city roadshow alongside representatives of Ibotta, during which they presented highly favorable information about the Company, its business operations, and its financial outlook to prospective investors.

The underwriter defendants also required Ibotta and the individual defendants to enter into indemnification agreements, through which Ibotta agreed to hold the underwriters harmless from any liability arising under the federal securities laws.  In addition, the underwriters assisted Ibotta in planning the IPO and purportedly conducted a due diligence investigation into the Company’s operations and financial condition.  This investigation granted them continual access to Ibotta’s internal and confidential information, including the company’s most current operational and financial data, which they were required to review as part of their underwriting obligations.

Moreover, agents of the underwriter defendants participated in numerous “drafting sessions” with Ibotta’s legal counsel, executives, and senior management.  These sessions covered various aspects of the offering, including strategy, pricing of the securities, disclosure language in the Registration Statement, and responses to U.S. Securities Exchange Commission (“SEC”) comments.  Through these close and repeated contacts with Ibotta’s top leadership and advisors, the underwriters knew or should have known of the material issues affecting the Company at the time of the offering.

Finally, the underwriter defendants were responsible for causing the Registration Statement to be filed with the SEC and declared effective, thereby facilitating the public sale of Ibotta securities, including those purchased by the named plaintiff and members of the class.  The lawsuit collectively refers to Ibotta, the individual defendants, and the underwriter defendants as the “defendants” and alleges they are jointly liable for violations of federal securities laws based on the materially false and misleading statements made in connection with the IPO.

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If you purchased or otherwise acquired publicly traded Ibotta securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Ibotta’s April 18, 2024 initial public offering, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as lead plaintiff in the Ibotta class action lawsuit is June 16, 2025.