Stephens

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION 7 ANDY DEAN STEPHENS, Case No. 5:24-cv-00465-EJD

Plaintiff, ORDER GRANTING MOTION TO

DISMISS

v.

MAPLEBEAR INC., et al., Re: ECF Nos. 84, 86 Defendants.

When Maplebear Inc., d/b/a Instacart,1 fared poorly after its IPO, investors sued for violations of federal securities law. Defendants now move to dismiss for failure to state a claim. Because the amended complaint does not sufficiently allege securities violations, the Court GRANTS the motion. I. BACKGROUND Instacart was founded in 2012 as a grocery technology company. Am. Compl. ¶ 162, ECF No. 55. The company partners with various grocery stores across the country to offer virtual storefronts on its website and mobile app through which customers can order items for pickup or delivery. This business model provides Instacart with two primary revenue streams. One stream comes from individual consumers who use Instacart’s platform.…