According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- DoubleVerify’s customers were shifting their ad spending from open exchanges to closed platforms, where DoubleVerify’s technological capabilities were limited and competed directly with native tools provided by platforms like Meta Platforms and Amazon;
- DoubleVerify’s ability to monetize on Activation Services, DoubleVerify’s high-margin advertising optimization services segment, was limited because the development of its technology for closed platforms was significantly more expensive and time-consuming than disclosed to investors;
- DoubleVerify’s Activation Services in connection with certain closed platforms would take several years to monetize;
- DoubleVerify’s competitors were better positioned to incorporate AI into their offerings on closed platforms, which impaired DoubleVerify’s ability to compete effectively and adversely impacted DoubleVerify’s profits;
- DoubleVerify systematically overbilled its customers for ad impressions served to declared bots operating out of known data center server farms;
- DoubleVerify’s risk disclosures were materially false and misleading because they characterized adverse facts that had already materialized as mere possibilities; and
- as a result of the foregoing, defendants’ positive statements about DoubleVerify’s business, operations, and prospects were materially false and/or misleading or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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