A lawsuit was filed on behalf of investors in Everbridge, Inc. (NASDAQ:EVBG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/21/2022 -- An investor, who purchased NASDAQ: EVBG shares, filed a lawsuit over alleged violations of Federal Securities Laws by Everbridge, Inc..
Investors who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) have certain options and for certain investors are short and strict deadlines running. Deadline: June 3, 2022. NASDAQ: EVBG investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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.
Shares of Everbridge, Inc. (NASDAQ: EVBG) declined on February 25, 2022 to as low as $27.81 per share.
The plaintiff claims that between November 4, 2019 and February 24, 2022, the Defendants misled investors by failing to disclose that Everbridge was experiencing integration problems with respect to these acquisitions, by using the revenues from these acquisitions to mask increasingly stagnant organic growth, and by failing to disclose that the COVID pandemic was having a material impact on the size of the deals that Everbridge was able to obtain, with a negative effect on the Company's revenue growth.
Those who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) have certain options and should contact the Shareholders Foundation.
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