NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Digital Turbine, Inc. (“Digital Turbine” or the “Company”) (NASDAQ: APPS) in the United States District Court for the Western District of Texas on behalf of investors who purchased Digital Turbine stock between August 9, 2021 and May 17, 2022, inclusive (the “Class Period”).
The Complaint alleges that Defendants failed to disclose to investors that: (1) the Company’s recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines; (2) as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis; (3) the Company’s internal control over financial reporting as to revenue recognition was deficient; (4) as a result of the foregoing, the Company’s net revenues was overstated throughout fiscal 2022; and (5) as a result of the foregoing, Defendants' positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Investors who purchased or otherwise acquired shares of Digital Turbine should contact the Firm prior to the August 5, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
