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SHCR.US
id: 1188

Sharecare (SHCR) Internal Controls Failure Suit

C.D. California
Court
2:24-cv-03225
Case number
10 May 2023
Class period Start
28 Mar 2024
Class period End
18 Jun 2024
Lead Plaintiff motion deadline
  • $SHCR stockholder filed a claim vs. Sharecare for hiding setbacks in financial reporting controls.
  • In March, news about the audit's negative results caused $SHCR to fall 28%, losing $77M+ in shareholder value.
  • Sharecare's investors can join this case to be notified about potential recovery.
On March 29, 2024, Sharecare (SHCR) disclosed that after the audit identified a material weakness in internal control over financial reporting.

Sharecare stated:
  • As of December 31, 2023, the Company did not maintain adequate internal controls for its revenue recognition evaluation resulting from a change in services provided to a customer, due to untimely communication between cross-functional teams.
  • A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.
On this news, $SHCR fell 28.3% and lost over $77 million of its market capitalization.

One of the investors in Sharecare stocks has filed a class action against Sharecare in C.D. California court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 March 2024
Filing date
19 April 2024
Lead Plaintiff Deadline
18 June 2024
Collecting participants…

Sharecare Inc

Sharecare, Inc. operates as a digital healthcare platform company. Its Sharecare platform connects people, patients, providers, employers, health plans, government organizations, and communities th...

    Ticker
    SHCR.US
    ISIN
    US81948W1045
    CIK
    1816233
    Sector
    Healthcare
    Industry
    Health Information Services
    Country
    USA
    Address
    255 East Paces Ferry Road NE, Atlanta, GA, United States, 30305