DOCUSIGN, 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 those who purchased or acquired the securities of DocuSign, Inc. (NASDAQ: DOCU) between March 27, 2020 and December 2, 2021. The lawsuit seeks to recover DocuSign, Inc. shareholders’ investment losses.
If you purchased shares of DocuSign, Inc. between March 27, 2020 and December 2, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
DocuSign purportedly offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.
According to the complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the impact of the Covid-19 pandemic on DocuSign’s business was positive, not negative; (ii) DocuSign misrepresented the role that the Covid-19 pandemic had on its growth; (iii) DocuSign downplayed the impact that a ‘return to normal’ would have on the Company’s growth and business; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On December 2, 2021, after market hours, DocuSign held an earnings conference call for its third quarter fiscal year 2022 (“3Q 2022 Earnings Call”). During the 3Q 2022 Earnings Call, the Company revealed that its anticipated growth for the fourth quarter of 2022 would be lower than expected.
Also on December 2, 2021, DocuSign published a press release announcing its third-quarter fiscal year 2022 financial results and guidance for the fourth-quarter fiscal year 2022. The guidance provided, in pertinent part, midpoint revenue guidance of $560 million, missing analysts’ consensus estimates of $573.8 million. The guidance also provided a billing guidance of $653 million, missing consensus estimates of $705.4 million.
On this news, DocuSign’s stock price plummeted $98.73 per share, or over 42%, to close at $135.09 per share on December 3, 2021, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 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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