NEW YORK, NY / ACCESSWIRE / August 29, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of DigitalOcean Holdings, Inc. ("DigitalOcean" or "the Company") (NYSE:DOCN). Investors who purchased DigitalOcean securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/docn.
The investigation concerns whether DigitalOcean has violated federal securities laws.
Investigation Details:
On August 3, 2023, DigitalOcean disclosed that it had identified certain errors within the "unaudited condensed consolidated financial statements for the three months ended March 31, 2023, as included in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2023," and that these financial statements should no longer be relied upon. The Company disclosed that as a result of the errors "accrued taxes as of March 31, 2023 were overstated and the income tax expense for the three months ended March 31, 2023 was overstated by approximately $18 million." On this news, DigitalOcean's stock price fell $11.57 per share, or 24.79%, to close at $35.11 per share on August 4, 2023. Then, on August 24, 2023, DigitalOcean announced that the Company had assembled a search committee to identify its next Chief Executive Officer ("CEO"), with current CEO Yancey Spruill to continue in his role until a successor is appointed. On this news, DigitalOcean's stock price fell $2.65 per share, or 8.41%, to close at $28.86 per share on August 25, 2023.
What's Next?
If you are aware of any facts relating to this investigation or purchasedDigitalOcean securities, you can assist this investigation by visiting the firm's site: www.bgandg.com/docn. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC