BOSTON, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Veradigm Inc. (“Veradigm” or the “Company”) (NASDAQ: MDRX).
About the Investigation
A securities class action has been filed in U.S. District Court in the Northern District of Illinois on behalf of purchasers of Veradigm common stock between February 26, 2021 and June 13, 2023, inclusive (the “Class Period”). The lawsuit asserts violations of the Securities Exchange Act of 1934. The Lead Plaintiff deadline is January 22, 2024.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: “(a) that Veradigm had overstated its historical revenues by at least $20 million; (b) that Veradigm had artificially inflated its revenue by recording duplicate transactions, among other things, over a more than two-year period; (c) that, as a result of (a)-(b) above, Veradigm had artificially inflated its earnings and margins and materially misrepresented demand for the Company’s products and services during the Class Period; (d) that Veradigm had failed to maintain effective internal controls over its financial reporting; (e) that Veradigm had failed to comply with [Generally Accepted Accounting Principles] regarding appropriate revenue recognition practices; and (f) that, as a result of (a)-(e) above, the Company’s financial projections were materially false and misleading and lacked any reasonable basis.”
On December 8, 2023, Veradigm announced in a press release announcing that “Chief Executive Officer Richard J. Poulton has resigned at the request of the Board from his role as CEO and has stepped down from the Board. Also at the request of the Board, Leah S. Jones has resigned as Chief Financial Officer and has agreed to serve in a consulting role to provide business-development related services to the Company.”
Contact
If you have information concerning this investigation, please contact us here: Contact | Berman Tabacco.
About Berman Tabacco
Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who's Who Legal, and Super Lawyers.
The firm has offices in Boston, Massachusetts and San Francisco, California.
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Contact:
Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
Email: law@bermantabacco.com
