LOS ANGELES, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Veradigm Inc. ("Veradigm ") (NASDAQ: MDRX) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. Veradigm investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On February 28, 2023, Veradigm disclosed that they had identified internal control failures related to revenue recognition over the past six quarters, leading to inaccurately reported revenues during that period. This discovery prompted an expected reduction in revenue of around $20 million from what was initially reported in the third quarter of 2021 and what was anticipated to be reported in the fourth quarter of 2022. The company is currently assessing the materiality of these misstatements to determine if adjustments are required for prior periods as well. As a consequence of these revelations, Veradigm revised its 2023 guidance downward and announced a delay in filing its 2022 annual report.
The news of internal control failures and potential misstatements in revenue figures severely impacted investor confidence. On March 1, 2023, Veradigm's share price experienced a significant intraday decline of up to 14.7%, causing harm to investors who held positions in the company. The drop in share price reflects the market's concern and negative sentiment towards the company's financial reporting practices and raises doubts about Veradigm's financial health and credibility.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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