Scott+Scott Attorneys at Law LLP filed the lawsuit on behalf of one investor and other Endava shareholders who suffered significant financial losses after the company’s stock plummeted nearly 42% following the unveiling of a disappointing 2024 earnings outlook
NEW YORK, August 26, 2024 — Scott+Scott Attorneys at Law LLP, along with The Schall Law Firm as co-counsel, today filed a securities class action on behalf of one investor and other shareholders who purchased Endava securities (NYSE: DAVA) between May 23, 2023, and February 28, 2024. Endava provides technology services for clients in the consumer products, healthcare, mobility, and retail sectors.
According to the lawsuit filed in the United States District Court for the Southern District of New York, Endava’s top executives misled investors about the financial well-being of their company. While the defendants in 2023 assured investors double-digit growth, the truth began to emerge in February 2024, when Endava issued a press release telling a different story: In the February 29, 2024 press release, Endava executives admitted that some of the company’s clients had delayed or cancelled their orders, causing a 2024 fiscal revenue decrease between 7% and 5% year over year.
Following this revelation, Endava’s ADS plummeted $26.65, or nearly 42% while millions of Endava ADS were publicly traded on the NYSE.
“As we allege in our complaint, the defendants failed to disclose that demand for the company’s services had rapidly declined due to a growing number of clients cancelling or delaying orders. As a result, hundreds, if not thousands of shareholders of Endava ADS suffered significant financial losses,” Scott+Scott partner Thomas Laughlin said.
Investors who purchased or owned Endava ADS between May 23, 2023 and February 28, 2024 may be able to seek appointment as lead plaintiff by contacting Scott+Scott attorney Nicholas S. Bruno by October 25, 2024 at: [email protected] or by phone: (888) 398-9312.
The case is Mueller v. Endava, PLC et al., Case No.1:24-cv-06423 (D. NY)