SAN DIEGO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it is investigating whether Adobe, Inc. (“Adobe” or the “Company”) (NASDAQ: ADBE) violated the federal securities laws, issued false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Adobe securities from September 2022 to the present and those with information about the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com.
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Investigation Details:
Adobe is one of the largest software companies in the world, offering software products used by creative professionals, businesses, and other consumers. DiCello Levitt is investigating whether the Company made false and misleading statements regarding Adobe’s efforts to monetize artificial intelligence (“AI”).
On December 11, 2024, Adobe announced financial results for fiscal year (“FY”) 2024 and issued disappointing guidance for FY 2025. In response to the announcement, more than a dozen securities analysts cut their price targets for Adobe stock due to the Company’s apparent failure to monetize AI. For example, UBS wrote that “Adobe’s been pushing an AI narrative for 2 years now and we still see no evidence of monetization.” Similarly, KeyBanc Capital Markets stated that “[t]he results in the quarter were more of the same that has vexed investors throughout 2024,” adding that “AI monetization continues to get kicked further and further down the road.”
On this news, the price of Adobe common stock fell $75.30 per share, from a closing price of $549.93 per share on December 11, 2024, to a closing price of $474.63 per share on December 12, 2024, a decline of 13.7% on heavy volume.
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