DIGITALOCEAN INVESTOR DEADLINE APPROACHING
- Investors who suffered losses in DigitalOcean are encouraged to contact Faruqi & Faruqi to discuss their options
- Investors have until November 13, 2023, to seek the role of lead plaintiff in a federal securities class action against DigitalOcean
- DigitalOcean's previously issued financial statements should no longer be relied on due to accounting errors
- DigitalOcean's stock price dropped approximately 24.8% on August 4, 2023, after the announcement of the restatement of financials
- DigitalOcean's CEO will step down and a search for a new CEO has begun
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In DigitalOcean To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in DigitalOcean stock or options between February 16, 2023 and August 25, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/DOCN.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in
Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants misled investors by failing to disclose that: (1) Defendants lacked the skills and experience to assess complicated tax matters and therefore did not design or maintain effective controls over the Company's accounting for income taxes; and (2) that as a result of the foregoing, Defendants' financial statements were inaccurate and materially misleading.
After the market closed on August 3, 2023, DigitalOcean Holdings announced quarterly financial results and disclosed that the Company's previously issued financial statements for the period ending March 31, 2023 should no longer be relied on due to accounting errors that resulted in an overstatement of the Company's income tax expense in the quarter of approximately
On this news, DigitalOcean's stock price dropped approximately
On August 24, 2023, DigitalOcean issued a press release announcing that the Company's Board of Directors had begun a search for a new CEO to replace defendant Spruill, who would step down as CEO and board member as soon as his successor was appointed.
On this news, DigitalOcean's stock price declined
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding DigitalOcean's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FAQ
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