Governance & Derivative
Digital Turbine, Inc. (NasdaqCM: APPS)
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Digital Turbine, Inc. (the “Company”) (NasdaqCM: APPS).
Digital Turbine, a software company focusing on mobile advertising, completed the acquisitions of AdColony Holdings AS and Fyber N.V. on April 29 and May 25, 2021, respectively. On May 17, 2022, the Company disclosed that its “disclosure controls and procedures were not effective as of June 30, 2021, September 30, 2021, and December 31, 2021” and that it will “restate its financial statements for [those periods] following a review of the presentation of revenue net of license fees and revenue share for the Company’s recently acquired businesses,” which would result in decreased revenue, license fees and revenue share. Then, on May 31, 2022, the Company announced its Q4 and FY 2022 financial results, disclosing a weak revenue forecast and earnings per share far below consensus estimates.
The Company has been sued in a securities class action lawsuit for failing to disclose material information during the class period, violating federal securities laws, which remain pending.
KSF’s investigation is focusing on whether Digital Turbine’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Digital Turbine shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.