What Is the AvidXchange Holdings, Inc. (AVDX) Class Action Lawsuit About?
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of AvidXchange Holdings, Inc. (“AvidXchange” or “the Company”) (NASDAQ: AVDX). Investors who purchased AvidXchange securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether AvidXchange has violated federal securities laws.
Investigation Details
On or around October 12, 2021, AvidXchange conducted its initial public offering (“IPO”), selling 26.4 million shares priced at $25.00. Then, on July 31, 2024, AvidXchange issued a press release announcing its financial results for the second quarter of 2024. Among other items, AvidXchange reported revenue of $105.13 million, missing consensus estimates by $1.75 million. The Company also revised its fiscal year 2024 revenue guidance downward to a range of $436 million to $439 million, compared to previous guidance of $442 million to $448 million. On this news, AvidXchange’s stock price fell $3.78 per share, or 29.72%, to close at $8.94 per share on July 31, 2024.
What’s Next?
If you are aware of any facts relating to this investigation or purchased AvidXchange securities, you can assist this investigation. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
How Did AvidXchange Holdings, Inc. (AVDX) Stock React to the Disclosures?
How Is BG&G Representing Investors in Securities Class Actions?
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
“Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace.”