Faruqi & Faruqi, LLP Investigates Potential Claims Against Endava plc
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Endava plc (“Endava” or the “Company”) DAVA. The firm is reminding investors of the October 25, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
The lawsuit alleges that Endava and its executives violated federal securities laws by making false and misleading statements about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose:
* A decline in demand for Endava’s services.
* Clients delaying or canceling projects.
* The negative impact on Endava’s fiscal 2023 and 2024 revenue and earnings.
* The lack of a reasonable basis for positive statements about Endava’s business.
As the truth about Endava’s business reached the market, the price of the company’s stock suffered significant declines, harming investors. For instance, on February 29, 2024, Endava filed a Form 6-K with the United States Securities and Exchange Commission reporting revenues below expectations and drastically cutting revenue guidance for full year 2024. The company attributed the decline to “clients [] hesitating on when to commit the sizable spend needed to build production-ready systems.” This news caused Endava’s common stock to decline $26.65, or 42%, to close at $37.17, on unusually heavy trading.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members. This lead plaintiff directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Endava’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others. To learn more about the Endava class action, go to www.faruqilaw.com/DAVA or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Investors who suffered losses exceeding $100,000 in Endava between May 23, 2023, and February 28, 2024, and would like to discuss their legal rights are encouraged to contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You can also click here for additional information.
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