This lawsuit is for anyone who acquired securities in Clarivate Plc (NYSE: CLVT) from November 10, 2020 through February 2, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors by telling investors that the Company had proper controls in place to prevent improper accounting but then by improperly accounting for the Company's business combination with CPA Global.
On December 27, 2021, Clarivate disclosed in a filing with the U.S. Securities and Exchange Commission that previous financial reports “should no longer be relied upon because of an error in such financial statements.” The Company specified that the error relates “to the treatment under U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination, which was consummated on October 1, 2020 (‘the CPA Global Transaction’). In the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on February 3, 2022, Clarivate filed restated financial statements for the year ended December 31, 2020 and the three quarters ended March 31, June 30, and September 30, 2021. The restated financial statements greatly reduced the the Company's previously reported net income for the restated time periods. The Company also lowered guidance. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Clarivate Plc (NYSE: CLVT) from November 10, 2020 through February 2, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.