Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Endava To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000in Endava between May 23, 2023, and February 28, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Sept. 19, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Endava plc (“Endava” or the “Company”) (NYSE: DAVA) and reminds 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.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) demand for the Company’s services was declining; (2) the Company’s clients delayed or canceled projects; (3) as a result, the Company’s fiscal 2023 and 2024 revenue and earnings would be adversely affected; and (4), as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
As the truth about Endava’s business reached the market, the price of Endava’s stock suffered significant declines, harming investors. For example, on February 29, 2024, before the market opened, 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. Endava attributed the revenue decline and reduced guidance to “clients [] hesitating on when to commit the sizable spend needed to build production-ready systems.”
On this news, the price of Endava’s common stock declined $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 who 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 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).
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