NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP reminds shareholders that a complaint has been filed on behalf of purchasers of the common stock of Veradigm Inc (“Veradigm” or the “Company”) (NASDAQ: MDRX), a healthcare technology company, between February 26, 2021 and June 13, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Veradigm common stock and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 22, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On February 28, 2023, after the market closed, Veradigm announced that it had “detected certain internal control failures related to revenue recognition that had occurred over the prior six quarters, resulting in a misstatement of reported revenues during those periods.” Veradigm disclosed that the revenue misstatements caused revenue to be overstated by approximately $20 million from the third quarter of 2021 until the fourth quarter of 2022. Following this news, the price of Veradigm stock fell nearly 13% on March 1, 2023.
Then, on June 13, 2023, after the market closed, Veradigm revealed that it had identified additional revenue misstatements dating back to fiscal year 2020. Veradigm further disclosed that its internal review on the nature and extent of the accounting and internal control errors would take longer than previously disclosed, and that Veradigm’s independent auditors needed more time to complete their audit procedures. As a result, Veradigm would not meet the deadline to file its annual report on Form 10-K. Following this news, the price of Veradigm stock fell more than 4% on June 14, 2023.
On December 8, 2023, the Company announced the resignations of both its CEO as a result of its ongoing and previously disclosed Audit Committee investigation related to the Company’s financial reporting and disclosure controls. Following this news, Veradigm shares fell over 18% in midday trading on December 8, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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