The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Sharecare, Inc. (SHCR) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Sharecare, Inc. (“Sharecare” or the “Company”) (NASDAQ: SHCR) securities between May 10, 2023 and March 28, 2024, inclusive (the “Class Period”). Sharecare investors have until June 18, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On March 29, 2024, Sharecare disclosed that it had “identified a material weakness in [its] internal control over financial reporting,” specifying that the Company “did not maintain adequate internal controls with respect to its revenue recognition evaluation resulting from a change in services provided to a customer, due to untimely communication between cross-functional teams.”

On this news, Sharecare’s stock price fell $0.2171, or 28.3%, to close at $0.5504 per share on April 1, 2024, thereby injuring investors.

The complaint filed in this class action 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) Sharecare lacked adequate internal controls and; (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Sharecare securities during the Class Period, you may move the Court no later than June 18, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Sharecare securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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