Please complete this form relating to your transactions for DocuSign, Inc. (NASDAQ: DOCU) securities between March 27, 2020 and December 2, 2021, both dates inclusive (the “Class Period”).
You may also contact James Maro, Esq. (484) 270-1453; or toll free at (844) 887-9500; or you may submit your information via email at email@example.com; or you may click here to print a PDF of this form.
DocuSign investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than February 22, 2022 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired DocuSign, Inc. (“DocuSign”) (NASDAQ: DOCU) securities between March 27, 2020 and December 2, 2021, both dates inclusive (the “Class Period”).
DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.
The Class Period commences on March 27, 2020, when DocuSign filed a Form 10-K for the fiscal year ended January 31, 2020. Throughout the Class Period, the defendants represented that the impact of the coronavirus outbreak was negative and that it “has created and may continue to create significant uncertainty in global financial markets, which may decrease technology spending, depress demand for our solutions, and harm [DocuSign’s] business and results of operations.”
The truth was revealed after market hours on December 2, 2021, when DocuSign held an earnings conference call for its third quarter fiscal year 2022. During the earnings conference call, DocuSign revealed that its anticipated growth for the fourth quarter of 2022 would be lower than expected. DocuSign’s Chief Executive Officer, Daniel D. Springer, discussed this slowdown, alleging that the growth boost from the COVID-19 pandemic had deteriorated earlier than expected – a growth boost that DocuSign did not acknowledge until this point. Also on December 2, 2021, DocuSign published a press release announcing its third-quarter fiscal year 2022 financial results and guidance for the fourth-quarter fiscal year 2022. The guidance provided, in pertinent part, midpoint revenue guidance of $560 million, missing analysts’ consensus estimates of $573.8 million. The guidance also provided a billing guidance of $653 million, missing consensus estimates of $705.4 million.
Following this news, DocuSign’s stock price fell $98.73 per share, or over 42%, to close at $135.09 per share on December 3, 2021.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the impact of the COVID-19 pandemic on DocuSign’s business was positive, not negative; (2) DocuSign misrepresented the role that the COVID-19 pandemic had on its growth; (3) DocuSign downplayed the impact that a “return to normal” would have on its growth and business; and (4) as a result, the defendants’ public statements were materially false and/or misleading at all relevant times.
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.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.