SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of DigitalOcean Holdings, Inc. - DOCN

NEW YORK, Sept. 13, 2023

The investigation concerns whether DigitalOcean and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On August 3, 2023, DigitalOcean disclosed that it had identified certain errors within the "unaudited condensed consolidated financial statements for the three months ended March 31, 2023, as included in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2023," and that these financial statements should no longer be relied upon. The Company disclosed that as a result of the errors "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." 

On this news, DigitalOcean's stock price fell $11.57 per share, or 24.79%, to close at $35.11 per share on August 4, 2023. 

Then, on August 24, 2023, DigitalOcean announced that the Company had assembled a search committee to identify its next Chief Executive Officer ("CEO"), with current CEO Yancey Spruill to continue in his role until a successor is appointed.