NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all investors that purchased Verb Technology Company, Inc. (NASDAQ: VERB) securities between January 3, 2018 to May 2, 2018 (“the “Class Period”). Investors have until September 9, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On January 3, 2018, Verb announced a purported agreement with Oracle America, Inc. (the “Oracle Agreement”) which received widespread attention. The complaint, filed on July 9, 2019, alleges that during the Class Period, Verb stock increased from approximately $0.12 per share on January 3, 2018 to $2.70 per share on April 19, 2018, an astonishing increase of over 2000%.
Following the rapid rise of the company’s stock price, on April 23, 2018, the truth as to the company’s relationship with Oracle began to emerge. The company revealed the actual terms of the Oracle Agreement through the filing of a Form 8-K. The terms of the agreement revealed that the prior representations as to the scope of the relationship with Oracle were materially misleading.
As the market digested the true nature of the Oracle Agreement, the stock began a precipitous decline, closing on April 30, 2018 at $1.54 per share, a decrease of 43% from the high a week prior. The market continued to digest this information and by the market close on May 2, 2018, the company’s stock was trading at $1.08 per share, a decrease of 64% from the high price of $3.04 per share on April 20th.
If you purchased Verb shares during the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Verb lawsuit, please go to https://bespc.com/verb. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
