ATLANTA, GA – – (Globe Newswire – February 29, 2024) – – A shareholder class action lawsuit has been filed against Nextdoor Holdings, Inc. (“Nextdoor” or the “Company”) (NYSE: KIND) f/k/a Khosla Ventures Acquisition Co. II. The lawsuit alleges Defendants made materially false and misleading statements and/or failed to disclose material adverse information regarding the Company’s business, operations, and financial condition, including allegations that: (a) Nextdoor’s financial results prior to the Merger had been temporarily inflated by the ephemeral effects of the COVID-19 pandemic, which had pulled forward demand for Nextdoor’s platform and cannibalized future advertising revenue growth;  (b) rather than being sustained, such growth trends had already begun reversing at the start of the Class Period; (c) Nextdoor’s total addressable market was materially smaller than the 312 million households represented to investors;  (d) by the start of the Class Period, Nextdoor’s most important market – the U.S. market – was already substantially saturated, impairing the Company’s ability to monetize users and increase its ARPU or U.S. WAUs; and (e) as a result of (a)-(d) above, Nextdoor’s revenue guidance for fiscal year 2022 had no reasonable basis in fact and the Company was tracking tens of millions of dollars below the revenue trajectory provided to investors.

If you bought Nextdoor shares between July 6, 2021 and November 8, 2022, and suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at cholzer@holzerlaw.com, by toll-free telephone at (888)-508-6832 or, you may visit the firm’s website at www.holzerlaw.com/case/nextdoor/ to learn more.

The deadline to ask the court to be appointed lead plaintiff in the case is April 29, 2024.