DigitalOcean Holdings, Inc.
A securities class action has been filed in the USDC – S.D.N.Y. against DigitalOcean Holdings, Inc. (DOCN) (“DigitalOcean” or the “Company”) on behalf of a class consisting of all persons and entities that purchased or otherwise acquired PacWest securities between February 16, 2023 through August 25, 2023, both dates inclusive (the “Class Period”).
DigitalOcean is an emerging growth company which purports to offer a cloud computing platform, primarily for small to medium sized businesses who have lack adequate resources to support on-premise software development environments. DigitalOcean’s customers use its platform for building web and mobile applications, website hosting, and e-commerce, among other uses. DigitalOcean completed an initial public offering (“IPO”) on March 26, 2021, in which it issued and sold 16,500,000 shares of common stock to the public at $47 per share.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, Defendants failed to disclose to investors:
- that Defendants lacked the skills and experience to assess complicated tax matters and therefore did not design or maintain effective controls over the Company’s accounting for income taxes; and
- that, as a result of the foregoing, Defendants’ financial statements during the Class Period were inaccurate and materially misleading, thereby harming investors.
If you purchased DigitalOcean securities 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.
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