NEW YORK, Oct. 9, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of DigitalOcean Holdings, Inc. ("DigitalOcean" or the "Company") (NASDAQ: DOCN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether DigitalOcean and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 3, 2023, DigitalOcean disclosed that it had identified certain errors within the "unaudited condensed consolidated financial statements for the three months ended March 31, 2023, as included in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2023," and that these financial statements should no longer be relied upon. The Company disclosed that as a result of the errors "accrued taxes as of March 31, 2023 were overstated and the income tax expense for the three months ended March 31, 2023 was overstated by approximately $18 million."
On this news, DigitalOcean's stock price fell $11.57 per share, or 24.79%, to close at $35.11 per share on August 4, 2023.
Then, on August 24, 2023, DigitalOcean announced that the Company had assembled a search committee to identify its next Chief Executive Officer ("CEO"), with current CEO Yancey Spruill to continue in his role until a successor is appointed.
On this news, DigitalOcean's stock price fell $2.65 per share, or 8.41%, to close at $28.86 per share on August 25, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
