Endava, plc
| Company Name | Endava, plc |
| Stock Symbol | DAVA |
| Class Period | May 23, 2023 to February 28, 2024 |
| Lead Plaintiff Motion Deadline | October 25, 2024 |
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.
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