Bragar Eagel & Squire, P.C. Is Investigating Unity Software, Allianz, Digital Turbine, and Carvana and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
Jun 03, 2022, 9:00 PM ET
NEW YORK, June 03, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Unity Software, Inc. (NYSE: U), Allianz SE (OTCMKTS: ALIZY), Digital Turbine, Inc. (NASDAQ: APPS), and Carvana Co. (NYSE: CVNA). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Unity Software, Inc. (NYSE: U)
Unity is a video game software development company.
On May 10, 2022, after the market closed, Unity announced its first quarter 2022 financial results. The Company also reduced its fiscal 2022 guidance “due to challenges with monetization products.” Specifically, “a fault in [Unity’s] platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue expensive issue given that [the] Pinpointer tool experienced significant growth post the IDFA changes.”
On this news, the price of Unity stock declined by $17.83 per share, or approximately 37%, from $48.13 per share to close at $30.30 per share on May 11, 2022.
For more information on the Unity Software investigation go to: https://bespc.com/cases/U
Allianz SE (OTCMKTS: ALIZY)
On August 1, 2021, Allianz disclosed that “the U.S. Department of Justice (‘DOJ’) has begun an investigation concerning the Structured Alpha Funds,” and that “there is a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group.”
On this news, Allianz’s stock price fell $2.00 per share, or 8%, to close at $22.85 per share on August 2, 2021.
Then, on May 17, 2022, Allianz pleaded guilty to securities fraud, admitting that it lacked internal controls and oversight for a series of private-investment funds and made false and misleading statements to investors. The Company agreed to pay $6 billion in penalties and restitution.
On this news, Allianz’s stock price fell $4.54 per share, or 2.1%, to close at $208.00 on May 18, 2022.
For more information on the Allianz investigation go to: https://bespc.com/cases/ALIZY
Digital Turbine, Inc. (NASDAQ: APPS)
On May 17, 2022, Digital Turbine announced that it will "restate its financial statements for the interim periods ended June 30, 2021, September 30, 2021, and December 31, 2021, following a review of the presentation of revenue net of license fees and revenue share for the Company's recently acquired businesses." The Company specified that "revenue for certain product lines of the recently acquired businesses, which are separate reportable segments, will now be reported net of license fees and revenue share, rather than on a gross basis, as had been previously reported."
On this news, Digital Turbine's stock fell $1.93, or 7.1%, to close at $25.28 per share on May 18, 2022, thereby injuring investors.
For more information on the Digital Turbine investigation go to: https://bespc.com/cases/APPS
Carvana Co. (NYSE: CVNA)
On May 18, 2022, the Illinois Secretary of State’s office announced that Carvana’s license to sell vehicles in Illinois was suspended on May 10 due to the misuse of issuing out-of-state temporary registration permits and for failing to transfer titles. The Secretary of State’s office stated that vehicles that have already been purchased but not yet delivered can still be delivered to the purchasers during the suspension, but no new vehicle sales can occur in Illinois during the suspension order.
On this news, Carvana’s stock price fell $6.55 per share, or 15.75%, to close at $35.05 per share on May 18, 2022.
For more information on the Carvana investigation go to: https://bespc.com/cases/CVNA
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.