The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Digital Turbine, Inc. (NASDAQ: APPS) securities between August 9, 2021 and May 17, 2022, both dates inclusive (the “Class Period”) have until August 5, 2022 to seek appointment as lead plaintiff in Robison v. Digital Turbine, Inc., No. 22-cv-00550 (W.D. Tex.). The Digital Turbine class action lawsuit charges Digital Turbine and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff, please submit your information here:
CASE ALLEGATIONS: Digital Turbine is a software company that delivers products to assist third parties in monetizing through the utilization of mobile advertising. Digital Turbine completed the acquisitions of AdColony Holdings AS and Fyber N.V. on April 29 and May 25, 2021, respectively.
The Digital Turbine class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Digital Turbine’s recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines; (ii) as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis; (iii) Digital Turbine’s internal control over financial reporting as to revenue recognition was deficient; and (iv) as a result, Digital Turbine’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 [Digital Turbine’s] recently acquired businesses.” On this news, the price of Digital Turbine shares fell by more than 7%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Digital Turbine securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
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