A securities class action has been filed in the USDC – S.D.N.Y. against Adobe, Inc. (ADBE) (“Adobe” or the “Company”), on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Adobe common stock between July 23, 2021 through September 15, 2022, both dates inclusive (the “Class Period”).
The complaint alleges Defendants violations of the Securities Exchange Act of 1934. Specifically, Adobe is a software company that offers tools for sharing documents, editing pictures and designing web pages. Its competitors include Figma, a company that provides a web-based design tool. Figma experienced rapid revenue and market capitalization growth just prior to the beginning of the Class Period, and Defendants were repeatedly questioned during the Class Period about whether Figma would pose a serious threat to Adobe’s financial success. Defendants repeatedly misled investors to believe that Figma did not pose a serious threat, and in fact could actually be beneficial to Adobe as it might attract more users who would begin with Figma’s products and graduate to Adobe’s.
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%.
If you purchased Adobe common stock during the Class Period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.
An attorney will contact you at no cost to provide you information about joining the action and answer your questions. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.