NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against DigitalOcean Holdings, Inc. (NYSE: DOCN), and Sage Therapeutics, Inc. (NASDAQ: SAGE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
DigitalOcean Holdings, Inc. (NYSE: DOCN)
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. DigitalOcean announced on August 3, 2023, that it had made errors on previous financial statements. According to the Company, "In connection with the preparation of our unaudited condensed consolidated financial statements for the period ended June 30, 2023, we identified certain errors within the unaudited condensed consolidated financial statements for the quarter ended March 31, 2023 as included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2023 filed on May 9, 2023. Specifically, there were errors in our accounting for income tax expense primarily relating to the calculation of certain capitalized research or experimental expenditures under Section 174 of the Internal Revenue Code of 1986 which impacted our income tax provision ("Section 174 Error"). Primarily as a result of the Section 174 Error, accrued taxes as of March 31, 2023 were overstated and the income tax expense for the three months ended March 31, 2023 was overstated by approximately $18 million."
For more information on the DigitalOcean investigation go to: https://bespc.com/cases/DOCN
Sage Therapeutics, Inc. (NASDAQ: SAGE)
On August 4, 2023, Sage issued a press release disclosing that the U.S. Food and Drug Administration ("FDA") had approved "ZURZUVAETM (zuranolone) 50 mg for adults with postpartum depression (PPD)" only, and had "issued a Complete Response Letter (CRL) for the New Drug Application (NDA) for zuranolone in the treatment of adults with major depressive disorder (MDD). The CRL stated that the application did not provide substantial evidence of effectiveness to support the approval of zuranolone for the treatment of MDD and that an additional study or studies will be needed."
On this news, Sage's stock price fell $19.35 per share, or 53.6%, to close at $16.75 per share on August 7, 2023.
For more information on the Sage investigation go to: https://bespc.com/cases/SAGE
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
