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Oklahoma City, OK (July 12, 2019) – On July 9, 2019, a securities class action lawsuit was filed in the United States District Court for the Central District of California against Verb Technology Company, Inc. (NASDAQ: VERB). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 3, 2018 through May 2, 2018. More specifically, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company did not have a contract with Oracle to jointly develop and market the Company’s product, notifiCRM; and (2) as a result, defendants’ statements about Verb’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 3, 2018, the Company announced a purported agreement with Oracle America, Inc. (the “Oracle Agreement”) which received widespread attention The Company made this announcement via a filing with the United States Securities and Exchange Commission (“SEC”) on Form 8-K, which omitted the text of the agreement itself. Throughout the Class Period, the Company continued to tout this relationship. During the Class Period, the stock increased from approximately $0.12 per share on January 3, 2018 to $2.70 per share on April 19, 2018, an astonishing increase of over 2000%.
As the market digested the true nature of the Oracle 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.
Plaintiff seeks to recover damages on behalf of all Verb Technology Company, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, September 9, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
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