CLARIVATE PLC (NYSE: CLVT) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Clarivate Plc (NYSE: CLVT)
NEW YORK, Feb. 11, 2022 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired securities of Clarivate Plc (the "Company" or "Clarivate") (NYSE: CLVT) between February 26, 2021 and December 27, 2021, both dates inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Clarivate securities, and/or would like to discuss your legal rights and options please visit Clarivate Plc Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Clarivate is an information services and analytics company. On October 1, 2020, the Company acquired 100% of the assets, liabilities, and equity interests of CPA Global, an intellectual property software and tech-enabled services company. Before and after its acquisition of CPA Global, Clarivate assured investors of the core effectiveness of its financial controls and procedures. For example, even after Clarivate disclosed in April 2021 that it had a material weakness in its financial controls related to accounting for certain warrants issued in connection with a 2019 business combination, the Company specifically cabined the scope of that material weakness to its accounting for the warrants at issue, while assuring investors that the remainder of its controls and procedures were effective. The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Clarivate maintained defective disclosure controls and procedures as a result of a material weakness in its internal control over financial reporting; (ii) the foregoing material weakness was not limited to how the Company accounted for warrants; (iii) as a result, Clarivate failed to properly account for an equity plan included in its acquisition of CPA Global; (iv) accordingly, the Company was reasonably likely to restate one or more of its previously issued financial statements following its acquisition of CPA Global; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
On December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that "[o]n December 22, 2021, Clarivate . . . concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.]" Specifically, Clarivate reported that "[t]he error relates to the treatment under U.S. generally accepted accounting principles (GAAP) relating to an equity plan included in the CPA Global business combination which was consummated on October 1, 2020 (the CPA Global Transaction)[,] and that [i]n the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction." Later that same day, an hour before market trading hours closed, StreetInsider.com published an article on Clarivate entitled "Clarivate Plc (CLVT) PT Lowered to $29 at Stifel on Accounting Error."
Following Clarivate's SEC filing and the StreetInsider.com article, Clarivate's ordinary share price fell $0.16 per share, or 0.65%, to close at $24.58 per share on December 27, 2021. As the market continued to digest the SEC filing and StreetInsider.com article, Clarivate's ordinary share price fell an additional $1.70 per share, or 6.92%, to close at $22.88 per share on December 28, 2021 – a total decline of $1.86 per share, or 7.52%, over two consecutive trading days.
If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired CLVT securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/clarivateplc-clvt-shareholder-lawsuit-class-action-fraud-stock-480/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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