Press release
Lawsuit filed for Investors in shares of Everbridge, Inc. (NASDAQ: EVBG)
A lawsuit was filed on behalf of investors in Everbridge, Inc. (NASDAQ: EVBG) shares over alleged securities laws violations.
Investors who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) have certain options and for certain investors are short and strict deadlines running. Deadline: June 3, 2022. NASDAQ: EVBG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Burlington, MA based Everbridge, Inc. operates as a software company in the United States and internationally. Everbridge, Inc. reported that its annual Total Revenue rose from $200.88 million in 2019 to $271.14 million in 2020, and that its Net Loss increased from $52.25 million in 2019 to $93.39 million in 2020.
On December 9, 2021, Everbridge, Inc. announced that Chief Executive David Meredith had immediately resigned. In addition to stepping down as CEO, Meredith is also giving up his seat on the Company's board of directors. Everbridge didn't provide any details regarding why Meredith is leaving the Company.
Shares of Everbridge, Inc. (NASDAQ: EVBG) declined from $122.78 per share on December 9, 2021, to $57.58 per share on December 10, 2021.
On January 24, 2022, asset management firm Baron Funds ("Baron") published its "Baron Discovery Fund" fourth quarter 2021 investor letter. Baron's investor letter discussed the firm's decision to dispose of its Everbridge shares, noting, in relevant part, that "[s]hares of Everbridge declined in the fourth quarter after the company announced the resignation of its CEO and guided for a slowdown in organic growth."
Then on February 24, 2022, Everbridge, Inc announced its financial results for the fourth quarter and full year 2021, as well as its guidance for the first quarter and full year 2022. As to revenue, the Company guided only 20% growth in the first quarter of 2022 and a scant 15-17% growth for the full year, even lower than the disappointing guidance previously issued in December 2021.
Shares of Everbridge, Inc. (NASDAQ: EVBG) declined on February 25, 2022 to as low as $27.81 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of Everbridge, Inc. (NASDAQ: EVBG) common shares between November 4, 2019 and February 24, 2022, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 4, 2019 and February 24, 2022, the Defendants misled investors by failing to disclose that Everbridge was experiencing integration problems with respect to these acquisitions, by using the revenues from these acquisitions to mask increasingly stagnant organic growth, and by failing to disclose that the COVID pandemic was having a material impact on the size of the deals that Everbridge was able to obtain, with a negative effect on the Company's revenue growth.
Those who purchased shares of Everbridge, Inc. (NASDAQ: EVBG) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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