San Diego, CA -- (SBWire) -- 06/22/2022 --An investor, who purchased shares of Digital Turbine, Inc. (NASDAQ: APPS), filed a lawsuit over alleged violations of Federal Securities Laws by Digital Turbine, Inc..
Investors who purchased shares of Digital Turbine, Inc. (NASDAQ: APPS) have certain options and for certain investors are short and strict deadlines running. Deadline: August 05, 2022. NASDAQ: APPS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Austin, TX based Digital Turbine, Inc., through its subsidiaries, provides media and mobile communication products and solutions for mobile operators, application advertisers, publishers, device original equipment manufacturers (OEMs), and other third parties. On May 17, 2022, Digital Turbine, Inc issued a press release "announc[ing] . . . 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." Digital Turbine specified that "[t]he revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported. The changes have the offsetting effect of decreasing both revenue and license fees and revenue share in a like amount, while simultaneously increasing reported gross profit margin and Non-GAAP Adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change to the previously reported GAAP income from operations, GAAP net income/loss, Non-GAAP gross profit, Non-GAAP Adjusted EBITDA and Non-GAAP free cash flow results. Restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to the respective Company's Form 10-Q filings with the Securities and Exchange Commission on or before May 31, 2022."
Shares of Digital Turbine, Inc. (NASDAQ: APPS) declined from $70.52 per share on December 28, 2021, to $14.43 per share during June 16, 2022.
The plaintiff claims that between August 9, 2021 and May 17, 2022, the Defendants failed to disclose to investors that the Company's recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines, that, as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis, that the Company's internal control over financial reporting as to revenue recognition was deficient, that, as a result of the foregoing, the Company's net revenues was overstated throughout fiscal 2022, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Digital Turbine, Inc. (NASDAQ: APPS) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:APPS Investor Notice: Lawsuit Alleges Securities Laws Violations by Digital Turbine, Inc.
A lawsuit was filed on behalf of investors in Digital Turbine, Inc. (NASDAQ:APPS) shares over alleged securities laws violations.