NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Direct Digital Holdings, Inc. (Direct Digital or the Company) (NASDAQ: DRCT) in the United States District Court for the Southern District of Texas on behalf of all persons and entities who purchased or otherwise acquired Direct Digital common stock between April 17, 2023 and March 25, 2024, both dates inclusive (the Class Period). Investors have until July 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The suit alleges that throughout the Class Period, Defendants made false and misleading statements, as well as failed to disclose material facts, including that: (1) the Company’s transition toward a cookie-less advertising environment was accelerated and would impact revenue in 2024; (2) the Company’s alternatives to third-party cookies, including planned investments in AI and machine learning to build on first-party data sources, would not be viable alternatives to third-party cookies and similar tracking technologies; (3) the Company did not have adequate solutions to address the impending phase out of third-party cookies by Google (NASDAQ:); and (4) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the effectiveness of Direct Digital’s platform and related financial results, growth, and prospects.
If you purchased or otherwise acquired Direct Digital shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
