NEW YORK, NY / ACCESSWIRE / December 8, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Adobe, Inc. ("Adobe" or the "Company") (NASDAQ:ADBE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Adobe and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 15, 2022, Adobe announced that it would acquire the company Figma for $10 billion-double Figma's valuation from just one year prior and at a multiple of 50 times Figma's revenues. The announcement signaled that Adobe considered Figma to be a major competitor, the independent existence of which threatened Adobe's business. This was at odds with Adobe's prior representations concerning Figma, which it had consistently characterized as merely a "point" player in the wider digital design market, maintaining that Figma's customers would eventually switch to Adobe's more advanced products.
Following the announcement of the Figma acquisition, Adobe's stock price fell $62.39 per share, or nearly 17%, to close at $309.13 per share on September 15, 2022.
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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