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Digital Turbine, Inc. Class Action Lawsuit - APPS

Company Name
Digital Turbine, Inc.
Stock Symbol
APPS
Class Period
August 9, 2021 to May 17, 2022
Motion Deadline
August 5, 2022
Court
Western District of Texas
39 days left to seek lead plaintiff status

Case Summary

The Digital Turbine class action lawsuit seeks to represent purchasers or acquirers of Digital Turbine, Inc. (NASDAQ: APPS) securities between August 9, 2021 and May 17, 2022, inclusive (the “Class Period”).  The Digital Turbine class action lawsuit – captioned Robison v. Digital Turbine, Inc., No. 22-cv-00550 (W.D. Tex.) – 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 of the Digital Turbine class action lawsuit, please submit your information here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Digital Turbine class action lawsuit must be filed with the court no later than August 5, 2022.

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.  A lead plaintiff acts on behalf of all other class members in directing the Digital Turbine class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Digital Turbine class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Digital Turbine class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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