| COMPANY |
Sharecare, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
24-cv-03225 |
| JUDGE |
The Hon. Otis D. Wright, II |
| CLASS PERIOD |
May 10, 2023 through March 28, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JUNE 18, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Sharecare, Inc. (“Sharecare”) (NASDAQ: SHCR) securities between May 10, 2023 and March 28, 2024, both dates inclusive (the “Class Period”).
On March 29, 2024, Sharecare disclosed that it had “identified a material weakness in [its] internal control over financial reporting,” specifying that the company “did not maintain adequate internal controls with respect to its revenue recognition evaluation resulting from a change in services provided to a customer, due to untimely communication between cross-functional teams.” On this news, Sharecare’s stock price fell $0.2171, or 28.3%, to close at $0.5504 per share on April 1, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sharecare lacked adequate internal controls and; (2) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.