Endava(US:DAVA) GlobeNewswire News Roomยท2024-09-19 15:43Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Endava plc due to allegations of false and misleading statements regarding the company's business performance and prospects, which have led to significant investor losses [2][4]. Group 1: Legal Investigation and Class Action - Faruqi & Faruqi, LLP is encouraging investors who suffered losses exceeding $100,000 in Endava between May 23, 2023, and February 28, 2024, to discuss their legal options [1]. - A federal securities class action has been filed against Endava, with a deadline of October 25, 2024, for investors to seek the role of lead plaintiff [2][6]. - The firm has a history of recovering hundreds of millions of dollars for investors since its founding in 1995 [3]. Group 2: Allegations Against Endava - The complaint alleges that Endava and its executives violated federal securities laws by failing to disclose material adverse facts about the company's business, including a decline in demand for services and project delays by clients [4]. - As a result of these undisclosed issues, Endava's fiscal 2023 and 2024 revenue and earnings were adversely affected, leading to misleading positive statements about the company's prospects [4]. Group 3: Impact on Stock Price - Following the revelation of the company's declining performance, Endava's stock price dropped significantly, with a decline of $26.65, or 42%, to close at $37.17 on February 29, 2024, after the company reported revenues below expectations and cut its revenue guidance for the full year 2024 [5].