The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Endava, plc (DAVA) Investors

Published 3 months ago via Business Wire

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Endava, plc (“Endava” or the “Company”) (NYSE: DAVA) securities between May 23, 2023 and February 28, 2024, inclusive (the “Class Period”). Endava investors have until October 25, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On February 29, 2024, Endava released its second quarter fiscal 2024 financial results, falling below estimates and providing lowered guidance for the remainder of the fiscal year. The Company further stated that some of its clients had delayed their orders due to economic uncertainty.

On this news, Endava’s stock price fell $26.65, or 41.8%, to close at $37.17 per share on February 29, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Endava securities during the Class Period, you may move the Court no later than October 25, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Endava securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Endava, plc (DAVA) Investors

Contacts