NEW YORK, NY / ACCESSWIRE / August 28, 2024 / Pomerantz LLP is investigating claims on behalf of investors of AvidXchange Holdings, Inc. ("AvidXchange" or the "Company"). newaction@pomlaw.com
The investigation concerns whether AvidXchange and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around October 12, 2021, AvidXchange conducted its initial public offering ("IPO"), selling 26.4 million shares priced at $25.00. Then, on July 31, 2024, AvidXchange issued a press release announcing its financial results for the second quarter of 2024. Among other items, AvidXchange reported revenue of $105.13 million, missing consensus estimates by $1.75 million. The Company also revised its fiscal year 2024 revenue guidance downward to a range of $436 million to $439 million, compared to previous guidance of $442 million to $448 million.
On this news, AvidXchange's stock price fell $3.78 per share, or 29.72%, to close at $8.94 per share on July 31, 2024.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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