August 11, 2026
Roblox investors who claim they’ve lost a combined $48 million after an age-verification rollout triggered an 18% stock price collapse are competing to lead the proposed securities class action in California federal court against the online game platform, with Motley Rice LLC, Johnson Van Kwawegen LLP, Grant & Eisenhofer PA and the Rosen Law Firm PA all arguing they are the best firm for the job.
Four investor groups are urging the court to consolidate two proposed class actions against Roblox while vying to be positioned as the lead plaintiff, according to the competing motions filed on Friday. Each tells the court that they would be the best to represent the proposed class that claims that Roblox, its CEO David Baszucki and other executives artificially inflated the company’s stock price by minimizing risks from the mandatory age-check system while simultaneously touting “tremendous organic growth,” according to the complaint.
But the new policy slowed down growth, and when the truth emerged in April, it caused the stock to drop from $55.26 to $45.13 per share, according to the complaint.
The investor group that claims to have suffered the most are four asset management funds operated by AQR Capital Management, with an estimated $23 million in losses on their 1.7 million shares, according to their motion. They argue that they are a perfect fit to be lead plaintiffs because they are exactly the “sophisticated institutional investors” that Congress sought to help when crafting the Private Securities Litigation Reform Act of 1995.
What’s more, the AQR funds are represented by Johnson Van Kwawegen, whose lawyers have “decades of experience litigating securities class actions and have obtained billions of dollars in recoveries for investors,” they said.
Johnson Van Kwawegen notes it intends to work with Cohen Milstein Sellers & Toll LLP as additional counsel, according to the funds’ motion.
Read 4 Firms Vie to Lead Investor Class Action Against Roblox.