RADNOR, Pa., March 24, 2022 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Clarivate Plc ("Clarivate") (NYSE: CLVT; CLVT-PA). The action charges Clarivate with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Clarivate's materially misleading statements to the public, Clarivate investors have suffered significant losses.
Kessler Topaz is one of the world's foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
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CLICK HERE TO SUBMIT YOUR CLARIVATE LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/clarivate-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=clarivate
LEAD PLAINTIFF DEADLINE:March 25, 2022
CLASS PERIOD: November 10, 2020 through February 2, 2022
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
CLARIVATE'S ALLEGED MISCONDUCT
Clarivate Plc is an information services and analytics company that provides structured information and analytics for discovery, protection, and commercialization of scientific research, innovations, and brands.
On December 27, 2021, Clarivate disclosed in an SEC filing 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 revealed 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." Following this news, Clarivate's stock price declined by $1.70 per share, or 6.92%, to close at $22.88 per share on December 28, 2021.
Then, on February 3, 2022, Clarivate filed restated financials for the year ended December 31, 2020 and the three quarters ended March 31, June 30, and September 30, 2021. Clarivate confirmed that the restated financial information affected its previously reported "GAAP income (loss) from operations, benefit (provision) for income taxes, net income (loss), earnings (loss) per share, current and non-current assets, current and non-current liabilities, and shareholders' equity." Specifically, as a result of its improper accounting, for the year ended December 31, 2020 and the nine months ended September 31, 2021, Clarivate overstated its pre-tax earnings by more than $121 million over those periods. Following this news, Clarivate's ordinary share price declined by $2.90 per share, or approximately 16.4%, from a closing price of $17.71 per share on February 2, 2022, to a closing price of $14.81 per share on February 3, 2022.
WHAT CAN I DO?
Clarivate investors may, no later than March 25, 2022 seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Clarivate investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
info@ktmc.co
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SOURCE Kessler Topaz Meltzer & Check, LLP
