An investigation on behalf of investors in Everbridge, Inc. (NASDAQ:EVBG) shares over potential wrongdoing at Everbridge, Inc. was announced and NASDAQ:EVBG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/25/2023 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Everbridge, Inc.
Investors who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) 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 concerns whether certain Everbridge, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Burlington, MA based Everbridge, Inc. operates as a software company in the United States and internationally. Everbridge, Inc. reported that its annual Total Revenue rose from $200.88 million in 2019 to $271.14 million in 2020, and that its Net Loss increased from $52.25 million in 2019 to $93.39 million in 2020.
On December 9, 2021, Everbridge, Inc. announced that Chief Executive David Meredith had immediately resigned. In addition to stepping down as CEO, Meredith is also giving up his seat on the Company's board of directors. Everbridge didn't provide any details regarding why Meredith is leaving the Company.
Shares of Everbridge, Inc. (NASDAQ: EVBG) declined from $122.78 per share on December 9, 2021, to $57.58 per share on December 10, 2021.
On January 24, 2022, asset management firm Baron Funds ("Baron") published its "Baron Discovery Fund" fourth quarter 2021 investor letter. Baron's investor letter discussed the firm's decision to dispose of its Everbridge shares, noting, in relevant part, that "[s]hares of Everbridge declined in the fourth quarter after the company announced the resignation of its CEO and guided for a slowdown in organic growth."
Then on February 24, 2022, Everbridge, Inc announced its financial results for the fourth quarter and full year 2021, as well as its guidance for the first quarter and full year 2022. As to revenue, the Company guided only 20% growth in the first quarter of 2022 and a scant 15-17% growth for the full year, even lower than the disappointing guidance previously issued in December 2021.
Those who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.