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The Law Offices of Frank R. Cruz Announces Investigation of Direct Digital Holdings, Inc. (DRCT) on Behalf of Investors

Business Wire 3-Apr-2024 6:49 PM

The Law Offices of Frank R. Cruz announces an investigation of Direct Digital Holdings, Inc. ("Direct Digital" or the "Company") (NASDAQ:DRCT) on behalf of investors concerning the Company's possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On March 26, 2024, Direct Digital released its fourth quarter and full year 2023 financial results, missing revenue growth estimates due to "efforts . . . to accelerate the transition towards a cookie-less advertising platform."

On this news, Direct Digital's stock price fell $10.47, or 39.5%, to close at $16.04 per share on March 27, 2024, thereby injuring investors.

Then, on April 2, 2024, Direct Digital disclosed that a material weakness had been "identified in [its] review of internal control over financial reporting as of December 31, 2023."

On this news, Direct Digital's stock price fell $1.31, or 10.4%, to close at $12.82 per share on April 2, 2024, thereby injuring investors further.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Direct Digital securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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.

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