Verb Technology Company, Inc.
| Company Name | Verb Technology Company, Inc. |
| Stock Symbol | VERB |
| Class Period | January 03, 2018 to May 02, 2018 |
| Lead Plaintiff Motion Deadline | September 09, 2019 |
On April 23, 2018, the Company disclosed the actual terms of its agreement with Oracle America, Inc. (“Oracle”) in a Form 8-K with the SEC. The filing revealed that, contrary to prior representations, there was no joint agreement for Oracle to market or to jointly develop the Company’s product. Instead, according to the filing, Oracle provided an application developer toolkit for the Company’s program to interface with Oracle NetSuite.
On this news, shares of Verb fell $7.65 per share, or more than 20%, to close at $29.10 per share on April 24, 2018, thereby injuring investors further.
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: (1) the Company did not have a contract with Oracle to jointly develop and market the Company’s product, notifiCRM; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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