NEW YORK, NY / ACCESSWIRE / August 14, 2024 / Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"), a preeminent national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in AvidXchange Holdings, Inc. (NASDAQ:AVDX) ("AvidXchange" or the "Company").
The investigation focuses on whether the Company issued false and/or misleading statements and/or did not disclose information pertinent to investors.
PLEASE CLICK HERE TO PROVIDE YOUR CONTACT INFORMATION
AvidXchange is a financial accounting software offering end-to-end accounts payable automation for banks and credit unions. It conducted its Initial Public Offering ("IPO") on October 12, 2021, selling 26.4 million shares at $25.00 per share.
On July 31, 2024, the Company announced its financial results for Q2 2024, missing consensus estimates and revising its fiscal guidance for the full year downwards. AvidXchange's revenue increased 15% year over year to hit $105.13 million, but missed the average analyst estimate by $1.75 million.
Citing macroeconomic headwinds, the company expected full-year sales to come in between $436 million and $439 million, down from $442 million and $448 million. The average analyst estimate had called for sales of $447.4 million. This adjustment was attributed to a downturn in discretionary spending among AvidXChange's midmarket customers. Moreover, there has been a shift by existing suppliers towards payment methods that generate less revenue for AvidXChange. AvidXchange's commentary suggested that the business could continue to face macroeconomic headwinds.
On this news, shares of AvidXchange fell by more than 29.7% on July 31, 2024.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly lauded by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE: Wolf Haldenstein Adler Freeman and Herz LLP
View the original
press release on accesswire.com
