A lawsuit was filed on behalf of investors in Adobe Inc. (NASDAQ:ADBE) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 10/31/2023 --An investor, who purchased shares of Adobe Inc. (NASDAQ: ADBE), filed a lawsuit over alleged violations of Federal Securities Laws by Adobe Inc.

Investors who purchased shares of Adobe Inc. (NASDAQ: ADBE) have certain options and for certain investors are short and strict deadlines running. Deadline: December 19, 2023. NASDAQ: ADBE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Jose, CA based Adobe Inc., together with its subsidiaries, operates as a diversified software company worldwide. Its competitors include Figma, a company that provides a web-based design tool. Figma experienced rapid revenue and market capitalization growth.

The plaintiff claims that the Defendants repeatedly questioned between July 23, 2021 and September 15, 2022 about whether Figma would pose a serious threat to Adobe's financial success and that the defendants repeatedly misled investors to believe that Figma did not pose a serious threat, and in fact could actually be beneficial to Adobe as it might attract more users who would begin with Figma's products and graduate to Adobe's.

Adobe Inc. reported that its annual Total Revenue rose from over $15.78 billion in 2021 to over $17.6 billion in 2022, and that its Net Income declined from $4.82 billion in 2021 to $4.77 billion in 2022.

Then on September 15, 2022, Adobe Inc. announced that it had agreed to acquire Figma at a price of $20 billion – double Figma's valuation and a multiple of 50 times its revenue.

The plaintiff says that it was then when investors learned for the first time that they had been misled because contrary to Defendants' statements, Figma did pose a major threat to Adobe's financial success and the threat was serious enough that Adobe agreed to an astronomically overpriced acquisition of Figma in order to stifle any competition.

Following the takeover announcement shares of Adobe Inc. (NASDAQ: ADBE) declined from $570.24 per share on September 08, 2023 to $498.70 per share on September 27, 2023.

The plaintiff claims that between July 23, 2021 and September 15, 2022, the investors who purchased Adobe common stock between July 23, 2021 and September 15, 2022purchased them at artificially inflated prices created and/or maintained by Defendants' materially false or misleading statements and omissions, and that when the truth concerning the Company was revealed to the market, Plaintiffs and class members suffered monetary damage.

Those who purchased shares of Adobe Inc. (NASDAQ: ADBE) 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.