A securities class action has been filed in the USDC — S.D.N.Y. against Endava Plc (DAVA) (“Endava” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Endava securities between May 23, 2023 and February 28, 2024, both dates inclusive (the “Class Period”).

Defendant Endava provides a combination of product and technology strategies, intelligent experiences, and engineering to help customers become digital, experience-driven businesses by assisting them from idea generation to development and deployment of products, platforms, and solutions.

The complaint alleges 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 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, thereby harming investors.

Following this news, Endava’s stock price fell by $26.65 per share, or approximately 42% to close at $37.17 per share.

If you purchased Endava 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.