Have you lost money on your investments in Digital Turbine? If yes, please visit Digital Turbine, Inc. Stockholders Class Action or contact Pierre Allocco at (212) 951-2030 Where [email protected] to discuss your rights.
NEW YORK, June 7, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been 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 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, 2021respectively.
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, 2022Digital Turbine issued a press release revealing that it “will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021and December 31, 2021following a review of the presentation of revenues net of license fees and the share of revenues of the businesses recently acquired by the Company. »
At this news, the Company’s shares fell $1.93 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 the other class members to direct the 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. Stockholders 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 customers. 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. As a result of its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “List of Plaintiffs” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact information:
Pierre Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
SOURCE Bernstein Liebhard LLP
