Robbins LLP is Investigating the Allegations that Sharecare, Inc. (SHCR) had Material Weaknesses in Internal Control Over Financial Reporting
Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Sharecare, Inc. (NASDAQ: SHCR) securities between May 10, 2023 and March 28, 2024. Sharecare developed an interactive health and wellness platform to help people, patients, providers, employers, health plans, government organizations, and communities optimize individual and population-wide well-being by driving positive behavior change.
The Allegations
According to the complaint, during the class period defendants failed to disclose to investors that Sharecare lacked adequate internal controls. On March 29, 2024, Sharecare filed with the SEC its Annual Report on Form 10-K for the year ended December 31, 2023, sharing that its Chief Executive Officer and Chief Financial Officer determined that the Company’s disclosure controls and procedures were ineffective as of December 31, 2023, due to material weaknesses in the Company’s internal control over financial reporting.
On this news, the price of Sharecare stock fell by $0.2171, or 28.28%, to close at $0.5504 on April 1, 2024, on unusually heavy trading volume, damaging investors.
What Now: You may be eligible to participate in the class action against Sharecare, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by June 18, 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.
