DIGITAL TURBINE, INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Digital Turbine, Inc.
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Digital Turbine, Inc. (“Digital Turbine” or the “Company”) (NASDAQ: APPS) securities between August 9, 2021 and May 17, 2022, inclusive. The lawsuit seeks to recover Digital Turbine shareholders’ investment losses.
If you purchased securities in Digital Turbine, Inc. between August 9, 2021 and May 17, 2022, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
Digital Turbine is a software company that delivers products to assist third parties in monetizing through the utilization of mobile advertising. The Company completed the acquisitions of AdColony Holdings AS (“AdColony”) and Fyber N.V. (“Fyber”) on April 29 and May 25, 2021, respectively.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (1) the Company’s recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines; (2) as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis; (3) the Company’s internal control over financial reporting as to revenue recognition was deficient; and (4) as a result of the foregoing, the Company’s net revenues were overstated throughout fiscal 2022.
On May 17, 2022, Digital Turbine issued a press release revealing 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 revenue net of license fees and revenue share for the Company’s recently acquired businesses.”
On this news, the Company’s shares fell $1.93 to close at $25.28 per share on May 18, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2022. 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 ten consecutive years.
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