NEW YORK, NY / ACCESSWIRE / December 19, 2023 / Bronstein, Gewirtz & Grossman, LLC a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Adobe Inc. ("Adobe" or "the Company") (NASDAQ:ADBE) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Adobe securities between July 23, 2021 and September 15, 2022, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/adbe.
Case Details:
The complaint alleges Defendants violations of the Securities Exchange Act of 1934. Specifically, Adobe is a software company that offers tools for sharing documents, editing pictures and designing web pages. Its competitors include Figma, a company that provides a web-based design tool. Figma experienced rapid revenue and market capitalization growth just prior to the beginning of the Class Period, and Defendants were repeatedly questioned during the Class Period about whether Figma would pose a serious threat to Adobe's financial success. Defendants repeatedly misled investors to believe that Figma did not pose a serious threat, and in fact could actually be beneficial to Adobe as it might attract more users who would begin with Figma's products and graduate to Adobe's.
The threat was serious enough that Adobe agreed to an astronomically overpriced acquisition of Figma in order to stifle any competition. News that Adobe would acquire Figma sent the price of Adobe's stock down by 17%.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/adbe or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Adobe you have until December 19, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
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