Northern District Of California Dismisses Class Action Against Social Media Company
06/03/2025
On May 19, 2025, Judge Edward J. Davila of the United States District Court for the Northern District of California dismissed without prejudice a proposed securities fraud class action asserting claims against a social networking platform (the “Company”), certain of its executives, and the sponsor of a special purpose acquisition company (“SPAC”) with which the Company merged under Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rules 10b-5 and 14a-9. Hollingsworth v. Nextdoor Holdings, Inc. et al., No. 5:24-cv-01213-EJD (N.D. Cal. May 19, 2025).
