ADOBE – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Adobe, Inc. (“Adobe” or “the Company”) (NASDAQ: ADBE) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Adobe securities July 27, 2021 through September 15, 2022 (the “Class Period”). Investors who acquired Adobe securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is December 19, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Adobe securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST ADOBE
The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, Adobe is a software company that offers tools for sharing documents, editing pictures and designing web pages. Its competitors include Figma, a company that provides a web-based design tool. Figma experienced rapid revenue and market capitalization growth just prior to the beginning of the Class Period, and Defendants were repeatedly questioned during the Class Period about whether Figma would pose a serious threat to Adobes financial success. Defendants repeatedly misled investors to believe that Figma did not pose a serious threat, and in fact could actually be beneficial to Adobe as it might attract more users who would begin with Figmas products and graduate to Adobes. Adobe thus shocked its investors when, on September 15, 2022, it announced that it had agreed to acquire Figma at a price of $20 billion double Figmas valuation and a multiple of 50 times its revenue. Investors learned for the first time that they had been misled. Contrary to Defendants statements, Figma did pose a major threat to Adobes financial success. The threat was serious enough that Adobe agreed to an astronomically overpriced acquisition of Figma in order to stifle any competition. News that Adobe would acquire Figma sent the price of Adobes stock down by 17%.
ABOUT ADOBE
- Adobe Inc. is a well-known American multinational computer software company that is primarily associated with the development of creative software products. It was founded in December 1982 by John Warnock and Charles Geschke. The company is headquartered in San Jose, California.
- Adobe is best known for its flagship products, which include:
- 1. Adobe Photoshop: A popular raster graphics editing software used for photo editing and graphic design.
- 2. Adobe Illustrator: A vector graphics editor used for creating and editing vector-based artwork.
- 3. Adobe InDesign: A desktop publishing software used for creating print and digital media publications like magazines, brochures, and ebooks.
- 4. Adobe Premiere Pro: A video editing software used by professionals for video production and post-production.
- 5. Adobe After Effects: A digital motion graphics and visual effects software used in video post-production and animation.
- 6. Adobe Acrobat: Software for creating, editing, and managing PDF (Portable Document Format) files.
- 7. Adobe Creative Cloud: Adobe’s subscription-based suite of creative software and services, which includes access to all their major applications.
- Adobe has also expanded its offerings into various other software categories, including web development tools (Adobe Dreamweaver), user interface and user experience design (Adobe XD), and 3D modeling and animation (Adobe Dimension).
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Adobe during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is December 19, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Adobe are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
