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About the Case
Starting on August 31, 2022, Daktronics issued a press release announcing its first quarter 2023 results. Therein, Daktronics reported that it experienced “multiple material supply chain disruptions, labor shortages, and a shutdown of our facilities in Shanghai, China for a significant portion of the quarter.” Following this news, Daktronics’ share price fell $0.91, or 22.1% to close at $3.20 per share on August 31, 2022.
Then, on December 6, 2022, after the market closed, Daktronics filed a Form 12b-25 with the SEC stating that it would be unable to timely file its Quarterly Report on a Form 10-Q for the period ended October 29, 2022, and that there is “substantial doubt” about its ability to continue as a going concern. Following this news, Daktronics’ share price fell $1.30, or 39.2%, to close at $2.02 per share on December 7, 2022, thereby injuring investors.
Berger Montague Counsel
Andrew Abramowitz, Esq.
25%
aabramowitz@bm.net
(215) 875-3015
bergermontague.com
Data set
James Maro, Esq.
25%
jmaro@bm.net
(215) 875-3093
bergermontague.com
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