Endava(US:DAVA) GlobeNewswire News Room·2024-10-04 23:45Core Viewpoint - Robbins LLP is investigating allegations that Endava PLC misled investors regarding its business prospects, particularly concerning declining demand for services and project delays by clients [2][3]. Group 1: Allegations and Class Action - A class action has been filed on behalf of all persons and entities that purchased Endava PLC securities between May 23, 2023, and February 28, 2024 [1]. - The complaint alleges that during the class period, Endava failed to disclose that demand for its services was declining, clients were delaying or canceling projects, and that these factors would adversely affect the company's revenue and earnings for fiscal years 2023 and 2024 [2]. - The positive statements made by Endava regarding its business operations and prospects were claimed to be materially misleading and lacked a reasonable basis [2]. Group 2: Financial Impact - On February 29, 2024, Endava reported disappointing financial results for the second quarter of 2024 and provided a bleak outlook for the third quarter and full fiscal year 2024, attributing some of the issues to client order delays due to economic uncertainty [3]. - Following this announcement, the price of Endava's American Depositary Shares (ADS) fell by $26.65, or nearly 42%, closing at $37.17 [3]. Group 3: Class Action Participation - Shareholders interested in serving as lead plaintiffs in the class action must submit their applications to the court by October 25, 2024 [4]. - Participation in the case is not required to be eligible for recovery, and shareholders can choose to remain absent class members [4].