NEW YORK, June 06, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Digital Turbine Inc. ("Digital Turbine” or the "Company”) (NASDAQ: APPS). Digital Turbine provides media and mobile communication products and solutions for mobile operators, application advertisers, publishers, device original equipment manufacturers (OEMs), and other third parties.
On May 17, 2022 after the market closed, Digital Turbine disclosed 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 its revenue net of license fees and revenue share for its recently acquired businesses.
Following this news, on May 18, 2022, Digital Turbine shares fell 7%, $1.93 per share, to close at $25.28 per share.
On May 27, 2022, after the market closed, Digital Turbine disclosed the identification of a material weakness in its internal controls over financial reporting. Then, on May 31, 2022, also after the market closed, the Company filed a Notification of Late Filing with the SEC indicating a delay in filing its Annual Report on Form 10-K and stating that the Company is “still in the process of assessing the effectiveness of internal control over financial reporting as of March 31, 2022” and “expects to report [a] material weakness in the Company’s internal control over financial reporting in the Form 10-K.”
Following this new, on June 1, 2022, Digital Turbine’s shares dropped over 22%, $5.75 per share, to close at $19.68 per share.
If you purchased or otherwise acquired shares in Digital Turbine securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@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
