LOS ANGELES, Dec. 08, 2023 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Adobe Inc. (NASDAQ: ADBE) investors that a lawsuit was filed on behalf of investors that purchased Adobe securities between July 23, 2021 and September 15, 2022, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The class action lawsuit against Adobe claims that the company made false or misleading statements and failed to disclose key information during the Class Period. The lawsuit focuses on Adobe’s competition with Figma, a company offering a simple web-based tool for designing user interfaces, which was gaining significant market share in user experience design. The allegations are as follows:
- Figma was growing its market share and emerging as a leader in user experience design, directly competing with Adobe in this domain.
- Adobe’s product “Express” was not effectively countering Figma’s market share growth in attracting new customers to Adobe’s paid offerings.
- Adobe’s other products were also unsuccessful in competing with Figma in the realm of user experience design.
- As a result of these factors, Adobe was losing market share to Figma.
The lawsuit further alleges that on September 15, 2022, Adobe announced its intention to acquire Figma for $20 billion in cash and stock. Following this announcement, the price of Adobe stock reportedly fell nearly 17%, indicating investor concerns or dissatisfaction with the acquisition deal. This decline in stock value forms a central part of the lawsuit’s allegations against Adobe.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
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