NEW YORK, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The Klein Law Firm announces that it is investigating allegations that DigitalOcean Holdings, Inc. ("DigitalOcean") (NYSE: DOCN) violated federal securities laws.
CURRENT INVESTIGATION DETAILS:The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. DigitalOcean announced on August 3, 2023, that it had made errors on previous financial statements. According to the Company, "In connection with the preparation of our unaudited condensed consolidated financial statements for the period ended June 30, 2023, we 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. Specifically, there were errors in our accounting for income tax expense primarily relating to the calculation of certain capitalized research or experimental expenditures under Section 174 of the Internal Revenue Code of 1986 which impacted our income tax provision ("Section 174 Error"). Primarily as a result of the Section 174 Error, accrued taxes as of March 31, 2023 were overstated and the income tax expense for the three months ended March 31, 2023 was overstated by approximately $18 million." Based on this news, shares of DigitalOcean fell by almost 25% on the next day.
HOW TO PROTECT YOUR FINANCIAL INTERESTS: For additional information about the potential claims on behalf of DOCN investors, please contact J. Klein, Esq. by telephone at 212-616-4899 or click this link: https://www.kleinstocklaw.com/pslra-1/digitalocean-lawsuit-loss-submission-form?id=44207&from=3.
ABOUT KLEIN LAW FIRM
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. The Klein Law Firm is a boutique litigation firm with experience in a wide range of areas including securities law, corporate finance and commercial litigation. Since 2011, our experienced attorneys have achieved superior results for our clients with a personalized focus. Attorney advertising. Prior results do not guarantee similar outcomes.
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jk@kleinstocklaw.com
Telephone: (212) 616-4899
www.kleinstocklaw.com
