SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Airbnb, Inc. - ABNB

NEW YORK, Nov. 11, 2023

The investigation concerns whether Airbnb and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On November 6, 2023, it was reported that an Italian judge ordered the seizure of 779.5 million euros ($836.40 million) from Airbnb's European headquarters in Ireland for alleged tax evasion.  According to the Milan Prosecutors' office, the probe concerns Airbnb's alleged failure to withhold 21% of landlords' rental income and pay it to Italian tax authorities, as required by a 2017 law.  In addition, the Milan Prosecutors' office stated that three people who held managerial roles between 2017 and 2021, the period covering the alleged violation, are under investigation and are jointly targeted by the money seizure order. 

On this news, Airbnb's stock price fell $4.47 per share, or 3.64%, to close at $118.17 per share on November 6, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.