NEW YORK, June 23, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Digital Turbine, Inc. (“Digital Turbine” or the “Company”) (APPS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Digital Turbine and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On May 17, 2022, Digital Turbine issued a press release “announcing[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 business of the activities recently acquired by the Company. ” Digital Turbine specifies that “[t]Revenue for certain product lines of 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 previously reported. The amendments have the offsetting effect of reducing both revenue and license fees and revenue share by a similar amount, while simultaneously increasing the reported gross profit margin and non-GAAP adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change in GAAP operating income, GAAP net income, non-GAAP gross profit, non-GAAP adjusted EBITDA and non-GAAP free cash flow results. The restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to Forms 10-Q filed by the company with the Securities and Exchange Commission on or before May 31, 2022.”
On this news, Digital Turbine’s stock price fell $1.93 per share, or 7.09%, to close at $25.28 per share on May 18, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980