NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Adobe Inc. (NASDAQ: ADBE)?
- Did you purchase your shares between July 23, 2021 and September 15, 2022, inclusive?
- Did you lose money in your investment in Adobe Inc.?
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Adobe Inc. (“Adobe” or the “Company”) (NASDAQ: ADBE) between July 23, 2021 and September 15, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Adobe common stock, and/or would like to discuss your legal rights and options please visit Adobe Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
The Complaint alleges that, during the Class Period, Defendants repeatedly downplayed the competitive pressure Adobe was experiencing from companies like Figma, which provides a simple web-based tool for designing user interfaces. Figma’s success was exploding, as it reached a $10 billion valuation just before the beginning of the Class Period. Despite this, Defendants cast Figma as merely a “point” player in the wider digital design market and maintained that Figma’s customers would eventually graduate (and switch) to Adobe’s more advanced products.
On September 15, 2022, Adobe announced that it would acquire Figma for $20 billion – double Figma’s valuation from just one year prior and at a multiple of 50 times Figma’s revenues – showing that Adobe management viewed Figma as a serious threat to its business. On this news, Adobe’s stock price fell $62.39 per share, or over 16%, to close at $309.13 per share on September 15, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Adobe common stock, and/or would like to discuss your legal rights and options please visit Adobe Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
