Bronstein, Gewirtz & Grossman LLC Announces Investors of Direct Digital Holdings Inc. May Join Class Action Lawsuit

NEW YORK, NY / ACCESSWIRE / June 9, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Direct Digital Holdings Inc. (“Direct Digital” or “the Company”) (NASDAQ:DRCT) and certain of its officers.

Class definition:

This action seeks to recover damages from defendants for alleged violations of the federal securities laws on behalf of all persons and entities who purchased or otherwise acquired securities of Direct Digital between April 17, 2023 and March 25, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the Firm’s website: bgandg.com/DRCT.

Case details:

The lawsuit alleges that throughout the Class Period, Defendants made false and misleading statements and failed to disclose material facts, including: (1) the Company’s transition to a “cookieless” advertising environment was accelerating 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 Google’s impending elimination of third-party cookies; 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. When the truth came to light, Direct Digital’s stock fell significantly, which the lawsuit alleges harmed investors.

What’s next?

A class action lawsuit has already been filed. If you would like to review a copy of the lawsuit, you may visit the firm’s website: bgandg.com/DRCT or you may contact Peretz Bronstein, Esq. or his Client Relations Manager Nathan Miller of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Direct Digital, you have until July 22, 2024 to request that the court appoint you as lead plaintiff. Your ability to share in any compensation is not dependent on your serving as lead plaintiff.

There are no costs for you

We represent investors in class action lawsuits on a contingency basis, meaning we ask the court to reimburse us for our expenses and attorney fees (usually a percentage of the total award) only if we win.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized law firm representing investors in securities fraud class action lawsuits and shareholder actions involving derivatives trading. Our firm has recovered hundreds of millions of dollars for investors nationwide.

Attorney advertising. Past results do not guarantee similar results.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | (email protected)

SOURCE: Bronstein, Gewirtz & Grossman, LLC