If you purchased or acquired securities in Adobe between July 23, 2021 and September 15, 2022 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). You may also click here for additional information: www.faruqilaw.com/ADBE.
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NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Adobe Inc. (“Adobe” or the “Company”) (NASDAQ: ADBE) and reminds investors of the December 19, 2023 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 minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
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 that: (1) Figma was growing its market share and was becoming a leader in user experience design; (2) Figma was in direct competition with Adobe on user experience design; (3) Adobe’s product “Express” was not an effective counter to Figma’s growing market share in bringing new customers to Adobe’s paid offerings; (4) Adobe’s other offerings were not succeeding in competing with Figma on user experience design; and (5) Adobe was losing market share to Figma. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 15, 2022, Adobe announced that it had agreed to acquire Figma at a price of $20 billion - double Figma's valuation and a multiple of 50 times its revenue. Investors learned for the first time that they had been misled. Contrary to Defendants' statements, Figma did pose a major threat to Adobe's financial success. The threat was serious enough that Adobe agreed to an astronomically overpriced acquisition of Figma in order to stifle any competition. News that Adobe would acquire Figma sent the price of Adobe's stock down by 17%.
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 Adobe’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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