Faruqi & Faruqi, LLP investigates claims

NEW YORK, May 8, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating and reminds investors of potential claims against Sharecare, Inc. (“Sharecare” or the “Company”) (NASDAQ: SHCR). the June 18, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $50,000 in Sharecare to contact him directly to discuss their options

If you suffered losses of more than $50,000 while investing in Sharecare stocks or options between May 10, 2023 and March 28, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/SHCR.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995 www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Sharecare did not have adequate internal controls in place and; (2) As a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details came to light, the lawsuit says investors suffered harm.

On March 29, 2024, Sharecare announced that it had “identified a material weakness in (its) internal control over financial reporting” and stated that the company “failed to maintain adequate internal controls over the assessment of revenue recognition due to a change “Services provided to a customer due to untimely communication between cross-functional teams.”

On this news, Sharecare’s stock price fell $0.22, or 28.4%, to close at $0.55 per share on April 1, 2024, hurting investors.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to participate in any recovery will not be affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about Sharecare’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

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