Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clarivate Plc (CLVT)

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming March 25, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Clarivate Plc (“Clarivate” or the “Company”) (NYSE: CLVT) securities between February 26, 2021 and December 27, 2021, inclusive (the “Class Period”).

If you suffered a loss on your Clarivate investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/clarivate-plc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On December 27, 2021, Clarivate disclosed that previous financial reports “should no longer be relied upon because of an error in such financial statements.” The Company specified that the 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 fell $1.70, or 6.9%, to close at $22.78 per share on December 28, 2021, thereby injuring investors.

The complaint filed 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) Clarivate maintained defective disclosure controls and procedures as a result of a material weakness in its internal control over financial reporting; (2) the foregoing material weakness was not limited to how the Company accounted for warrants; (3) as a result, Clarivate failed to properly account for an equity plan included in its acquisition of CPA Global; (4) accordingly, the Company was reasonably likely to restate one or more of its previously issued financial statements following its acquisition of CPA Global; and (5) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Clarivate securities during the Class Period, you may move the Court no later than March 25, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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