Sharecare, Inc.
| Company Name | Sharecare, Inc. |
| Stock Symbol | SHCR |
| Class Period | May 10, 2023 to March 28, 2024 |
| Lead Plaintiff Motion Deadline | June 18, 2024 |
On March 29, 2024, Sharecare disclosed 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.
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