The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Digital Turbine, Inc. (NASDAQ: APPS) who purchased shares between August 9, 2021 and May 17, 2022. The action, which was filed in the United States District Court for the Western District of Texas, alleges that the Company violated federal securities laws.
In particular, the Digital Turbine lawsuit alleges that (1) the Company’s recent acquisitions, AdColony and Fyber, act as agents in certain of their respective product lines; (2) as a result, revenues for those product lines must be reported net of license fees and revenue share, rather than on a gross basis; (3) the Company’s internal control over financial reporting as to revenue recognition was deficient; and (4) as a result of the foregoing, the Company’s net revenues was overstated throughout fiscal 2022; and (5) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until August 5, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.