Robbins LLP is Investigating Allegations that Endava PLC (DAVA) Misled Investors Regarding its Business Prospects

Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Endava PLC (NYSE: DAVA) securities between May 23, 2023 and February 28, 2024. Endava provides technology services for clients in consumer products, healthcare, mobility, and retail verticals in North America.

The Allegations 

According to the complaint, during the class period, defendants failed to disclose to investors that: (1) demand for the Company’s services was declining; (2) the Company’s clients delayed or canceled projects; (3) as a result, the Company’s fiscal 2023 and 2024 revenue and earnings would be adversely affected; and (4), as a result, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On February 29, 2024, Endava issued a press release reporting disappointing financial results for second quarter 2024, announcing a disappointing outlook for third quarter and full fiscal year 2024, and noting that some of the Company's clients had delayed their orders due to economic uncertainty. On this news, the price of Endava’s ADS plummeted $26.65, or nearly 42%, to close at $37.17.

What Now: You may be eligible to participate in the class action against Endava PLC. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by October 25, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.