SHAREHOLDER ALERT: Robbins LLP Announces Clarivate Plc (CLVT) is Being Sued by Investors

SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all persons and entities that purchased or otherwise or acquired Clarivate Plc (NYSE: CLVT) securities between February 26, 2021 and December 27, 2021, for violations of securities laws. Clarivate is an information services and analytics company. On October 1, 2020, the Company acquired 100% of the assets, liabilities, and equity interests of CPA Global, an intellectual property software and tech-enabled services company.

If you lost money due to Clarivate Plc.'s misconduct, click here.

Clarivate Plc (CLVT) Maintained Defective Controls and Procedures

According to the complaint, on December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n December 22, 2021, Clarivate ... concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.]” Specifically, Clarivate reported that “[t]he error relates to the treatment under U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination, which was consummated on October 1, 2020 (‘the CPA Global Transaction’). In the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.” On this news, Clarivate’s stock price fell $1.86 per share, or 7.52%, to close at $22.78 per share on December 28, 2021.

During the class period, defendants failed to disclose that Clarivate maintained defective disclosure controls and procedures due to material weakness in its internal control over financial reporting. Specifically, Clarivate failed to properly account for an equity plan included in its acquisition of CPA Global, which would require it to restate one or more of its previously issued financial statements following its acquisition of CPA Global.

If you purchased shares of Clarivate Plc (CLVT) between February 26, 2021 and December 27, 2021, you have until March 26, 2022, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
[phone]
[e-mail]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Clarivate Plc settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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