NEW YORK, Sept. 15, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of DigitalOcean Holdings, Inc. (NYSE: DOCN)?
- Did you purchase your shares between February 16, 2023 and August 25, 2023, inclusive?
- Did you lose money in your investment in DigitalOcean Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of DigitalOcean Holdings, Inc. (“DigitalOcean” or the “Company”) (NYSE: DOCN) between February 16, 2023 and August 25, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired DigitalOcean securities, and/or would like to discuss your legal rights and options please visit DigitalOcean Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, DigitalOcean is an emerging growth company which purports to offer a cloud computing platform, primarily for small to medium-sized businesses who lack adequate resources to support on-premise software development environments. DigitalOcean’s customers use its platform for building web and mobile applications, website hosting, and e-commerce, among other uses.
On August 3, 2023, DigitalOcean announced that it had “identified certain errors within the unaudited condensed consolidated financial statements for the quarter ended March 31, 2023 as included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2023 filed on May 9, 2023” related to the Company’s accounting for income tax expense, resulting in an overstatement of income tax expense in the quarter of approximately $18 million. The Company announced that it would be restating its first quarter 2023 financials and that this restatement would “also include disclosure of an identified material weakness and that our disclosure controls and procedures were not effective as of March 31, 2023.”
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 Yancy 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 $2.65 per share, or approximately 8.4%, to close at $28.86 per share on August 25, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired DigitalOcean securities, and/or would like to discuss your legal rights and options please visit DigitalOcean Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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