SHAREHOLDER ALERT: Law firm Pomerantz reminds shareholders who have suffered losses on their investment in Clarivate Plc of the upcoming class action and deadline

NEW YORK, January 27, 2022 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Clarivate Plc (“Clarivate” or the “Company”) (NYSE: CLVT; CLVT-PA) and certain of its officers. The class action, filed in United States District Court for the Eastern District of New Yorkand registered under number 22-cv-00394, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired Clarivate securities between February 26, 2021 and December 27, 2021both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under Sections 10(b) and 20(a). ) of the Securities Exchange Act of 1934 (the “Exchange Act”) and rule 10b-5 promulgated thereunder, against the Company and certain of its principal officers.

If you are a shareholder who purchased or otherwise acquired Clarivate securities during the Class Period, you have until March 25, 2022 ask the court to name you as the lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.

[Click here for information about joining the class action]

Clarivate is an information and analytical services company.

At October 1, 2020the Company acquired 100% of the assets, liabilities and equity interests of CPA Global, an intellectual property software and technology services company.

Before and after its acquisition of CPA Global, Clarivate assured investors of the fundamental effectiveness of its financial controls and procedures. For example, even after Clarivate’s revelation in April 2021 that it had a material weakness in its financial controls related to the accounting for certain warrants issued in connection with a business combination in 2019, the Company specifically limited the scope of this material weakness to its accounting for warrants subscription in question, while assuring investors that the rest of its controls and procedures were effective.

The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Clarivate maintained flawed disclosure controls and procedures due to a material weakness in its internal control over financial reports; (ii) the foregoing material deficiency was not limited to the manner in which the Company accounted for Warrants; (iii) as a result, Clarivate failed to properly account for a stock plan included in its acquisition of CPA Global; (iv) as a result, the Company was reasonably likely to restate one or more of its previously issued financial statements following its acquisition of CPA Global; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.

At December 27, 2021Clarivate disclosed in a filing with the United States Securities and Exchange Commission (“SEC”) that “[o]not December 22, 2021, To clarify . . . concluded that the previously issued financial statements as of and for the year ended December 31, 2020and quarterly periods ended March 31, 2021, June 30, 2021and September 30, 2021should no longer be relied upon due to an error in these financial statements[.]Specifically, Clarivate reported that “[t]The error relates to the treatment under generally accepted accounting principles in the United States (“GAAP”) relating to a share plan included in the business combination of CPA Global which was consummated on October 1, 2020 (“the CPA Global Transaction”)[,]” and that “[i]In the relevant financial statements, certain awards made by CPA Global under its stock ownership plan were incorrectly included as part of the acquisition accounting for the CPA Global transaction. »

Later that same day, one hour before the close of market trading hours, StreetInsider.com published an article on Clarivate titled “Clarivate Plc (CLVT) PT Lowered to $29 at Stifel on Accounting Error”. This article reported, in its relevant part, that “Stifel’s analyst Shlomo Rosenbaum lowered the price target on Clarivate. . . at $29.00 (from $32.00)” following the company’s disclosure that “it discovered an accounting error related to equity awards that CPA Global had issued under its stock plan.” That article quoted the Stifel analyst , who commented, in relevant part, that “[t]The timing of this discovery is poor, less than a month after the departure of the previous CFO, although we are told the items are unrelated, and this error was discovered last week[,]” and that “[t]his error should have no impact on revenue, Adjusted EBITDA or Adjusted FCF [free cash flow]but this is likely to impact EBITDA and GAAP earnings, as well as reported FCF.”

Following the SEC filing of Clarivate and the StreetInsider.com article, Clarivate’s common stock price fell $0.16 per share, or 0.65%, to close at $24.58 per share on December 27, 2021. As the market continued to digest the SEC filing and StreetInsider.com article, Clarivate’s common stock price fell again $1.70 per share, or 6.92%, to close at $22.88 per share on December 282021—a total decrease of $1.86 per share, or 7.52%, over two consecutive trading days.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is recognized as one of the leading law firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

SOURCE Pomerantz LLP

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