Have you lost money on your investments in Digital Turbine? If so, please visit Digital Turbine, Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, June 22, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, reminds investors of the deadline to file a motion as lead plaintiff in connection with a securities class action lawsuit filed on behalf of investors who purchased or acquired the securities of Digital Turbine, Inc. (“Digital Turbine” or the “Company”) (NASDAQ: APPS) between August 9, 2021 and May 17, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Western District of Texas and alleges violations of the Securities Exchange Act of 1934.
Digital Turbine is a software company that provides products to help third parties monetize through the use of mobile advertising. The Company completed the acquisitions of AdColony Holdings AS (“AdColony”) and Fyber NV (“Fyber”) on April 29 and May 25, 2021, respectively.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, the defendants failed to disclose to investors that: (1) the company’s recent acquisitions, AdColony and Fyber, act as agents in some of their respective product lines; (2) therefore, revenues from these product lines should be reported net of license fees and revenue share, rather than on a gross basis; (3) the Company’s internal control over financial reporting with respect to revenue recognition was deficient; and (4) as a result of the foregoing, the Company’s net revenues were overestimated throughout fiscal 2022.
On May 17, 2022, Digital Turbine issued a press release disclosing that it “will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021 and December 31, 2021, following a review of the presentation of the financial net of license fees and revenue share for the business recently acquired by the company.”
On this news, shares of the company fell $1.93 to close at $25.28 per share on May 18, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than August 5, 2022. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you purchased APPS titles and/or wish to discuss your legal rights and options please visit Digital Turbine, Inc. Shareholder Class Action or contact Pierre Allocco at (212) 951-2030 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. Following its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “plaintiffs list” thirteen times and listed in The Legal 500 for ten consecutive years.
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