Kaskela Law LLC is investigating Everbridge, Inc. (NASDAQ: EVBG) on behalf of the company’s long-term investors.
Recently a securities fraud complaint was filed against Everbridge on behalf of certain investors who purchased shares of the company’s stock between November 4, 2019 and February 24, 2022. According to the complaint, during that time period Everbridge and certain of the company’s senior executive officers made a series of false and misleading statements and omissions concerning Everbridge’s nine acquisitions between 2019 and 2021.
As further detailed in the complaint, on December 9, 2021, the Company lowered its 2022 revenue guidance to levels well below Everbridge’s demonstrated and consistent 30% plus revenue growth, and also announced that the company’s CEO had abruptly resigned. On this news, Everbridge’s share price fell $52.37 per share, or over 45% in value, to close on December 10, 2021 at $63.00 per share.
Then on February 24, 2022, investors finally learned the full truth about Everbridge’s slowing revenue growth and failed (and previously undisclosed) acquisition strategy, when Everbridge announced that it had determined that its flurry of acquisitions had created obstacles to sales growth due to incomplete integrations and increased complexity of its offerings, and as a result, that the Company was going to focus on integrating the acquired companies (which Defendants previously said they already did). On this news, Everbridge’s common stock declined an additional $15.68 per share, or 34% in value, to close on February 25, 2022 at $30.61 per share.
The investigation seeks to determine whether the members of Everbridge’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Everbridge stockholders who purchased or acquired their EVBG shares prior to January 1, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.