PR Newswire
NEW YORK, Aug. 18, 2023
NEW YORK, Aug. 18, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of PubMatic, Inc. ("PubMatic" or the "Company") (NASDAQ: PUBM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether PubMatic and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On December 9, 2020, PubMatic conducted its initial public offering ("IPO") of 5.9 million shares priced at $20.00. Then, on August 9, 2023, Oppenheimer downgraded PubMatic to "Perform" from "Outperform", citing multiple headwinds expected in the second half of the year. Specifically, Oppenheimer noted that "[m]ostly through earnings season, [PubMatic's] 2H [i.e., second-half] outlook appears materially worse than peers': exposure to bankrupt DSP MediaMath, weak demand for CTV. . . And lack of exposure to Retail Media . . . Currently, PUBM is the only digital media company talking about materially weaker 2H[.]"
Following the downgrade, PubMatic's stock price fell $6.26 per share, or 33.73%, to close at $12.30 per share on August 9, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
