NEW YORK, NY / ACCESSWIRE / May 19, 2022 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Digital Turbine, Inc. ("Digital Turbine" or the "Company") (NASDAQ:APPS). Investors who purchased Digital Turbine securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/apps1.
The investigation concerns whether Digital Turbine and certain of its officers and/or directors have violated federal securities laws.
On May 17, 2022, Digital Turbine issued a press release "announc[ing] . . . that it will restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021, and December 31, 2021, following a review of the presentation of revenue net of license fees and revenue share for the Company's recently acquired businesses." Digital Turbine specified that "[t]he revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported. The changes have the offsetting effect of decreasing both revenue and license fees and revenue share in a like amount, while simultaneously increasing reported gross profit margin and Non-GAAP Adjusted EBITDA margin, in the interim financial statements for each relevant period. There is no change to the previously reported GAAP income from operations, GAAP net income/loss, Non-GAAP gross profit, Non-GAAP Adjusted EBITDA and Non-GAAP free cash flow results. Restated interim consolidated financial statements for each of the affected quarters will be filed as amendments to the respective Company's Form 10-Q filings with the Securities and Exchange Commission on or before May 31, 2022." On this news, Digital Turbine's stock price fell $1.93 per share, or 7.09%, to close at $25.28 per share on May 18, 2022.
If you are aware of any facts relating to this investigation or purchased Digital Turbine shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/apps1. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
View source version on accesswire.com:
https://www.accesswire.com/701993/Bronstein-Gewirtz-Grossman-LLC-Notifies-Shareholders-of-Digital-Turbine-Inc-APPS-Investigation