ADOBE INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Adobe Inc. (“Adobe” or the “Company”) (NASDAQ: ADBE) common stock between July 23, 2021 and September 15, 2022, inclusive. The lawsuit seeks to recover Adobe shareholders’ investment losses.
If you purchased common stock in Adobe between July 23, 2021 and September 15, 2022, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
The Complaint alleges that, during the Class Period, Defendants repeatedly downplayed the competitive pressure Adobe was experiencing from companies like Figma, which provides a simple web-based tool for designing user interfaces. Figma’s success was exploding, as it reached a $10 billion valuation just before the beginning of the Class Period. Despite this, Defendants cast Figma as merely a “point” player in the wider digital design market and maintained that Figma’s customers would eventually graduate (and switch) to Adobe’s more advanced products.
On September 15, 2022, Adobe announced that it would acquire Figma for $20 billion – double Figma’s valuation from just one year prior and at a multiple of 50 times Figma’s revenues – showing that Adobe management viewed Figma as a serious threat to its business. On this news, Adobe’s stock price fell $62.39 per share, or over 16%, to close at $309.13 per share on September 15, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
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 largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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