Veradigm Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On February 28, 2023, Veradigm disclosed that they had identified internal control failures related to revenue recognition over the past six quarters, leading to inaccurately reported revenues during that period. This discovery prompted an expected reduction in revenue of around $20 million from what was initially reported in the third quarter of 2021 and what was anticipated to be reported in the fourth quarter of 2022. The company is currently assessing the materiality of these misstatements to determine if adjustments are required for prior periods as well. As a consequence of these revelations, Veradigm revised its 2023 guidance downward and announced a delay in filing its 2022 annual report.
The news of internal control failures and potential misstatements in revenue figures severely impacted investor confidence. On March 1, 2023, Veradigm’s share price experienced a significant intraday decline of up to 14.7%, causing harm to investors who held positions in the company. The drop in share price reflects the market’s concern and negative sentiment towards the company’s financial reporting practices and raises doubts about Veradigm’s financial health and credibility.
