NEW YORK, NY / ACCESSWIRE / September 3, 2019 / Pomerantz LLP announces that a class action lawsuit has been filed against Verb Technology Company, Inc. (“Verb” or the “Company”) (NASDAQ:VERB) and certain of its officers. The class action, filed in United States District Court, for the Central District of California, and indexed under 19-cv-06944, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise Verb securities between January 3, 2018, and May 2, 2018, both days inclusive (the “Class Period”), seeking to recover damages caused by defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Verb securities during the class period, you have until September 9, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Verb purportedly operates as an applications services provider with cloud-based software products for businesses. As part of its business, Verb utilizes interactive videos as part of its customer relationship management application. Verb has formerly operated under the names of nFusz, Inc., bBooth, Inc., bBooth (USA), Inc., and Cutaia Media Group, LLC.
On January 3, 2018, the Company announced a purported agreement with Oracle America, Inc. ("Oracle"), and (herein, the “Oracle Agreement”) which received widespread attention.
The Complaint alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants failed to disclose to investors that: defendants made false and/or misleading statements as to the scope of the Oracle Agreement as the Company did not have a contract with Oracle to jointly develop and market the Company's product and that as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times.
After the revealing the actual terms of the agreement. the stock began a precipitous decline, closing on April 30, 2018, at $1.54 per share, a decrease of 43% from the high a week prior. The market continued to digest this information and by the market close on May 2, 2018, the Company's stock was trading at $1.08 per share, a decrease of 60% from the high a week prior.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP