Investors can Contact the toll-free law firm to learn more about recovering their losses
LOS ANGELES, May 24, 2022 (GLOBE NEWSWIRE) — The law firm Portnoy advises investors in Digital Turbine, Inc. (“Digital Turbine” or the “Company”) (APPS) that the firm has opened an investigation into securities fraud and may file a class action lawsuit on behalf of investors. Digital Turbine investors who have lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone at 844-767-8529 or by email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss options for investors to pursue claims to recover their losses.
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 clarified 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.
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Portnoy Law Firm represents investors in the prosecution of claims caused by corporate wrongdoing. The company’s founding partner has recovered more than $5.5 billion for harmed investors. Lawyer advertisement. Prior results do not guarantee similar results.
Lesley F. Portnoy, Esq.
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