NEW YORK, Dec. 30, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds Investors that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired securities of DocuSign, Inc. ("DocuSign" or the "Company") (NASDAQ: DOCU) between March 27, 2020 and December 2, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired DocuSign securities, and/or would like to discuss your legal rights and options, please visit Docusign Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or seidman@bernlieb.com.
DocuSign purportedly offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.
According to the complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the impact of the Covid-19 pandemic on DocuSign's business was positive, not negative; (ii) DocuSign misrepresented the role that the Covid-19 pandemic had on its growth; (iii) DocuSign downplayed the impact that a 'return to normal' would have on the Company's growth and business; and (iv) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On December 2, 2021, after market hours, DocuSign held an earnings conference call for its third quarter fiscal year 2022 ("3Q 2022 Earnings Call"). During the 3Q 2022 Earnings Call, the Company revealed that its anticipated growth for the fourth quarter of 2022 would be lower than expected.
Also on December 2, 2021, DocuSign published a press release announcing its third-quarter fiscal year 2022 financial results and guidance for the fourth-quarter fiscal year 2022. The guidance provided, in pertinent part, midpoint revenue guidance of $560 million, missing analysts' consensus estimates of $573.8 million. The guidance also provided a billing guidance of $653 million, missing consensus estimates of $705.4 million.
On this news, DocuSign's stock price plummeted $98.73 per share, or over 42%, to close at $135.09 per share on December 3, 2021, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2022. 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 otherwise acquired DocuSign securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/docusigninc-docu-shareholder-lawsuit-class-action-fraud-stock-472/ or contact Joe Seidman toll free at (877) 779-1414 or seidman@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 ten consecutive years.
ATTORNEY ADVERTISING. © 2021 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. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
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SOURCE Bernstein Liebhard LLP
