Rosen Law Firm, a global investor rights law firm, reminds investors that a shareholder filed a class action on behalf of all purchasers of common stock of Direct Digital Holdings, Inc. (NASDAQ: DRCT) between April 17, 2023 and March 25, 2024. Direct Digital describes itself as a company that “operates as an end-to-end full-service programmatic advertising platform.”
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The Allegations: Rosen Law Firm is Investigating the Allegations that Direct Digital Holdings, Inc. (DRCT) Misled Investors Regarding its Business Operations.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Direct Digital’s transition toward a “cookie-less” advertising environment was accelerated and would impact revenue in 2024; (2) Direct Digital’s alternatives to third-party cookies, including planned investments in AI and machine learning to build on first-party data sources, would not be viable alternatives to third-party cookies and similar tracking technologies; (3) Direct Digital did not have adequate solutions to address the impending phase out of third-party cookies by Google; and (4) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the effectiveness of Direct Digital’s platform and related financial results, growth, and prospects. When the true details entered the market, the lawsuit claims that investors suffered damages.
What Now: You may be eligible to participate in the class action against Direct Digital Holdings, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by July 22, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Rosen Law: Some law firms issuing releases about this matter do not actually litigate securities class actions; Rosen Law Firm does. A recognized leader in shareholder rights litigation, the attorneys and staff of Rosen Law Firm have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing. Since our inception, we have obtained over $1 billion for shareholders.
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