Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of DigitalOcean Holdings, Inc. (NYSE: DOCN) securities between February 16, 2023 and August 25, 2023, both dates inclusive (the “Class Period”) have until November 13, 2023 to seek appointment as lead plaintiff of the DigitalOcean class action lawsuit. Captioned Agarwal v. DigitalOcean Holdings, Inc., No. 23-cv-08060 (S.D.N.Y.), the DigitalOcean class action lawsuit charges DigitalOcean and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the DigitalOcean class action lawsuit, please provide your information here:
CASE ALLEGATIONS: The DigitalOcean class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that defendants lacked the skills and experience to assess complicated tax matters and therefore did not design or maintain effective controls over DigitalOcean’s accounting for income taxes.
The DigitalOcean class action lawsuit further alleges that on August 3, 2023, DigitalOcean announced that it had “identified certain errors within the unaudited condensed 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” related to DigitalOcean’s accounting for income tax expense, resulting in an overstatement of income tax expense in the quarter of approximately $18 million. The DigitalOcean lawsuit alleges that on this news, the price of DigitalOcean stock fell nearly 25%.
The DigitalOcean class action lawsuit further alleges that on August 24, 2023, DigitalOcean announced that DigitalOcean’s Board of Directors had begun a search for a new CEO to replace defendant Yancey Spruill who would step down as CEO and board member as soon as his successor was appointed. The DigitalOcean class action lawsuit alleges that on this news, the price of DigitalOcean stock fell more than 8%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired DigitalOcean securities during the Class Period to seek appointment as lead plaintiff of the DigitalOcean class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the DigitalOcean class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the DigitalOcean class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the DigitalOcean class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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