NEW YORK, NY / ACCESSWIRE / May 23, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Accolade, Inc. ("Accolade" or the "Company") (NASDAQ:ACCD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Accolade and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 28, 2022, Accolade issued a press release reporting the Company's results for the fiscal fourth quarter and full year ended February 28, 2022. Among other items, Accolade issued fourth quarter GAAP earnings per share of -$0.51, compared to -$0.09 for the same period in the prior year as the Company's operating expenses more than doubled year over year. The Company also issued fiscal year 2023 revenue guidance of only $350 million to $365 million, well below consensus estimate of $382.87 million. Additionally, the Company's Chief Executive Officer stated that a large customer had recently notified the Company that it would end its service relationship with Accolade after the end of 2022.
On this news, Accolade's stock price fell $5.50 per share, or 49.73%, to close at $5.56 per share on April 29, 2022.
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