Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Clarivate Class Action Reminder

Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Clarivate To Contact Him Directly To Discuss Their Options

NEW YORK - (NewMediaWire) - February 13, 2022 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Clarivate Plc (“Clarivate” or the “Company”) (NYSE: CLVT; CLVT-PA) and reminds investors of the March 25, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Clarivate stock or options between February 26, 2021 and December 27, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CLVT.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Clarivate maintained defective disclosure controls and procedures as a result of a material weakness in its internal control over financial reporting; (2) the foregoing material weakness was not limited to how the Company accounted for warrants; (3) as a result, Clarivate failed to properly account for an equity plan included in its acquisition of CPA Global; (4) accordingly, the Company was reasonably likely to restate one or more of its previously issued financial statements following its acquisition of CPA Global; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that “[o]n December 22, 2021, Clarivate . . . concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.]” Specifically, Clarivate reported that “[t]he error relates to the treatment under U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination which was consummated on October 1, 2020 (‘the CPA Global Transaction’)[,]” and that “[i]n the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.”

Later that same day, an hour before market trading hours closed, StreetInsider.com published an article on Clarivate entitled “Clarivate Plc (CLVT) PT Lowered to $29 at Stifel on Accounting Error.” That article reported, in relevant part, that “Stifel analyst Shlomo Rosenbaum lowered the price target on Clarivate . . . to $29.00 (from $32.00)” following the Company’s disclosure that “it discovered an accounting error related to equity awards that CPA Global had issued under its equity plan.” That article quoted the Stifel analyst, who commented, in relevant part, that “[t]he timing of this discovery is poor, less than a month after the prior CFO left, though we are told that the items are not related, and this error was discovered in the last week[,]” and that “[t]his error should not impact Revenue, Adjusted EBITDA or Adjusted FCF [free cash flow], but it is likely to impact the GAAP EBITDA and earnings, and the reported FCF.”

Following Clarivate’s SEC filing and the StreetInsider.com article, Clarivate’s ordinary share price fell $0.16 per share, or 0.65%, to close at $24.58 per share on December 27, 2021. As the market continued to digest the SEC filing and StreetInsider.com article, Clarivate’s ordinary share price fell an additional $1.70 per share, or 6.92%, to close at $22.88 per share on December 28, 2021—a total decline of $1.86 per share, or 7.52%, over two consecutive trading days.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Clarivate’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.