Endava(US:DAVA) Prnewswireยท2024-09-23 16:05Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Endava plc due to allegations of violations of federal securities laws, which have led to significant financial losses for investors [2][4]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi 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]. - The firm is reminding investors of the October 25, 2024, deadline to seek the role of lead plaintiff in a federal securities class action against Endava [2]. - The complaint alleges that Endava and its executives made false or misleading statements and failed to disclose material adverse facts about the company's business and prospects [4]. Group 2: Financial Impact and Stock Performance - The complaint highlights that demand for Endava's services was declining, leading to project delays or cancellations by clients, which adversely affected the company's revenue and earnings for fiscal years 2023 and 2024 [4]. - Following the revelation of these issues, Endava's stock price dropped significantly, with a decline of $26.65, or 42%, closing at $37.17 after the company reported revenues below expectations and drastically cut revenue guidance for full year 2024 [5].