TMCnet News

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Sharecare, Inc. (SHCR) Investors
[April 22, 2024]

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Sharecare, Inc. (SHCR) Investors


Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Sharecare, Inc. ("Sharecare" or the "Company") (NASDAQ: SHCR) securities between May 10, 2023 and March 28, 2024, inclusive (the "Class Period"). Sharecare investors have until June 18, 2024 to file a lead plaintiff motion.

If you suffered a loss on your Sharecare investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Sharecare-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On March 29, 2024, Sharecare disclosd that it had "identified a material weakness in [its] internal control over financial reporting," specifying that the Company "did not maintain adequate internal controls with respect to its revenue recognition evaluation resulting from a change in services provided to a customer, due to untimely communication between cross-functional teams."



On this news, Sharecare's stock price fell $0.2171, or 28.3%, to close at $0.5504 per share on April 1, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sharecare lacked adequate internal controls and; (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.


Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Sharecare securities during the Class Period, you may move the Court no later than June 18, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


[ Back To TMCnet.com's Homepage ]