(CLVT) News: Did You Suffer a Substantial Loss? Contact Johnson Fistel About Leading Clarivate Class Action Lawsuit

SAN DIEGO, Jan. 24, 2022 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Clarivate Plc (“Clarivate” or the “Company”) (NYSE: CLVT; CLVT-PA). The class action is on behalf of shareholders who purchased Clarivate securities between February 26, 2021 and December 27, 2021, inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than March 25, 2022.

What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:

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On December 27, 2021, Clarivate disclosed in a filing with the SEC that “[o]n December 22, 2021, Clarivate . . . concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly periods ended March 31, 2021, June 30, 2021, and September 30, 2021, should no longer be relied upon because of an error in such financial statements[.].” Specifically, Clarivate reported that “[t]he error relates to the treatment under the U.S. generally accepted accounting principles (‘GAAP’) relating to an equity plan included in the CPA Global business combination which was consummated on October 1, 2020 (‘the CPA Global Transaction’)[,]” and that “[i]n the affected financial statements, certain awards made by CPA Global under its equity plan were incorrectly included as part of the acquisition accounting for the CPA Global Transaction.”

Later that same day, StreetInsider.com published an article on Clarivate entitled “Clarivate Plc (CLVT) PT Lowered to $29 at Stifel on Accounting Error.” That article reported, in relevant part, that “Stifel analyst Shlomo Rosenbaum lowered the price target on Clarivate . . . to $29.00 (from $32.00)” following the Company’s disclosure that “it discovered an accounting error related to equity awards that CPA Global had issued under its equity plan.” That article quoted the Stifel analyst, who commented, in relevant part, that “[t]he timing of this discovery is poor, less than a month after the prior CFO left, though we are told that the items are not related, and this error was discovered in the last week[,]” and that “[t]his error should not impact Revenue, Adjusted EBITDA or Adjusted FCF [free cash flow], but it is likely to impact the GAAP EBITDA and earnings, and the reported FCF.”

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and misleading statements and failed to disclose that: (i) Clarivate maintained defective disclosure controls and procedures as a result of a material weakness in its internal control over financial reporting; (ii) the preceding material weakness was not limited to how the Company accounted for warrants; (iii) as a result, Clarivate failed to properly account for an equity plan included in its acquisition of CPA Global; (iv) accordingly, the Company was reasonably likely to restate one or more of its previously issued financial statements following its acquisition of CPA Global; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

A lead plaintiff will act on behalf of all other class members in directing the Clarivate class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Clarivate class action lawsuit is not dependent upon serving as lead plaintiff.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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