-

Grant & Eisenhofer Files Class Action Lawsuit Against Adobe Inc. on Behalf of Institutional Investors

NEW YORK--(BUSINESS WIRE)--Two institutional investors, Pembroke Pines Firefighters & Police Officers Pension Fund and the City of Hollywood, FL Police Officers’ Retirement System, have filed a class action lawsuit today against Adobe Inc. (“Adobe” or the “Company”), Shantanu Narayen, John Murphy, Daniel Durn, David Wadhwani and Jonathan Vaas, alleging they defrauded investors by issuing false and misleading statements concerning competition the Company faced with regard to certain of its key products.

The suit, brought in federal court in the United States District Court for the Southern District of New York was filed by leading investor law firm Grant & Eisenhofer.

The action is brought on behalf of all persons or entities who purchased or acquired Adobe common stock between July 23, 2021 and September 15, 2022, inclusive (the “Class Period”). The action is captioned Pembroke Pines Firefighters & Police Officers Pension Fund and the City of Hollywood Police Officers’ Retirement System v. Adobe Inc., Shantanu Narayen, John Murphy, Daniel Durn, David Wadhwani and Jonathan Vaas, [Case number: The civil action number is: 1:23-cv-09260; SDNY]

The complaint alleges violations of Sections 10(b) and 20(a) 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.

Adobe thus shocked its investors when, on September 15, 2022, it announced that it had agreed to acquire Figma at a price of $20 billion – double Figma’s valuation and a multiple of 50 times its revenue. Investors learned for the first time that they had been misled. Contrary to Defendants’ statements, Figma did pose a major threat to Adobe’s financial success. 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%.

For investors who purchased or acquired Adobe common stock during the Class Period, you are a member of this proposed Class and may be able to seek appointment as lead plaintiff, which is a court-appointed representative for the Class, by complying with the relevant provisions for the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv). If you wish to serve as lead plaintiff, you must move the Court by no later than December 19, 2023, which is lead plaintiff deadline that was established by publication of this notice on October 20, 2023. You do not need seek to become a lead plaintiff in order to share in any possible recovery. You may also retain counsel of your choice to represent you in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights, please contact Caitlin M. Moyna at Grant & Eisenhofer at 646-722-8513, or via email at cmoyna@gelaw.com.

Contacts

Caitlin M. Moyna
Grant & Eisenhofer
646-722-8513
cmoyna@gelaw.com

Grant & Eisenhofer


Release Versions

Contacts

Caitlin M. Moyna
Grant & Eisenhofer
646-722-8513
cmoyna@gelaw.com

More News From Grant & Eisenhofer

Grant & Eisenhofer Files Class Action Lawsuit Against Atkore, Inc., Extending Class Period of Previously Filed Action

NEW YORK--(BUSINESS WIRE)--Today, Grant & Eisenhofer P.A. filed a class action lawsuit on behalf of King P. Coles, II against Atkore, Inc. (“Atkore” or the “Company”), Atkore’s CEO William E. Waltz, Atkore’s former CFO David P. Johnson, and Atkore’s CFO John M. Deitzer (collectively, the “Defendants”). The action alleges that Defendants defrauded investors by making materially false and/or misleading statements and failing to disclose materially adverse facts about the Company’s business, o...

Law Firms Grant & Eisenhofer and Levi & Korsinsky Issue Notice of Dismissal of AST SpaceMobile Stockholder Litigation, Opportunity to Intervene

WILMINGTON, Del.--(BUSINESS WIRE)--Law firms Grant & Eisenhofer and Levi & Korsinsky issued the following statement regarding that disposition of investor class action AST SpaceMobile, Inc., Stockholders Litigation: Notice is hereby provided to all persons holding shares of AST SpaceMobile, Inc. (Nasdaq: ASTS) who previously held shares of New Providence Acquisition Corp. (Nasdaq: NPA). The purpose of this notice is to inform you about developments with respect to litigation in the Dela...

Grant & Eisenhofer Files Class Action Lawsuit Against Target Corporation on Behalf of Pension Fund

NEW YORK--(BUSINESS WIRE)--Institutional investor City of Riviera Beach Police Pension Fund filed a class action lawsuit today against Target Corporation (“Target” or the “Company”), Target’s CEO Brian C. Cornell, and current and former members of Target’s Board of Directors, David P. Abney, Douglas M. Baker, Jr., George S. Barrett, Gail K. Boudreaux, Robert L. Edwards, Melanie L. Healey, Donald R. Knauss, Christine A. Leahy, Monica C. Lozano, Grace Puma, Derica W. Rice, and Dmitri L. Stockton....
Back to Newsroom