An investigation for investors in Digital Turbine, Inc. (NASDAQ:APPS) shares over potential securities laws violations by Digital Turbine, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 06/01/2022 -- An investigation was announced over potential securities laws violations by Digital Turbine, Inc. and certain of its directors and officers in connection with certain statements.
Investors who purchased shares of Digital Turbine, Inc. (NASDAQ: APPS), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Digital Turbine, Inc. (NASDAQ: APPS) concerning whether certain statements by Digital Turbine, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Austin, TX based Digital Turbine, Inc., through its subsidiaries, 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, Digital Turbine, Inc issued a press release "announc[ing] . . . 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 the presentation of revenue net of license fees and revenue share for the Company's recently acquired businesses." Digital Turbine specified that "[t]he revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported. The changes have the offsetting effect of decreasing both revenue and license fees and revenue share in a like amount, while simultaneously increasing reported gross profit margin and Non-GAAP Adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change to the previously reported GAAP income from operations, GAAP net income/loss, Non-GAAP gross profit, Non-GAAP Adjusted EBITDA and Non-GAAP free cash flow results. Restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to the respective Company's Form 10-Q filings with the Securities and Exchange Commission on or before May 31, 2022."
Shares of Digital Turbine, Inc. (NASDAQ: APPS) declined from $70.52 per share on December 28, 2021, to $21.43 per share during May 24, 2022.
Those who purchased shares of Digital Turbine, Inc. (NASDAQ: APPS) have certain options and should contact the Shareholders Foundation.
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