Daktronics, Inc. Investors: Company Investigated by the Portnoy Law Firm

Daktronics, Inc. Investors: Company Investigated by the Portnoy Law Firm

Investors can contact the law firm at no cost to learn more about recovering their losses

LOS ANGELES, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Daktronics, Inc. ("Daktronics" or "the Company") (NASDAQ: DAKT) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Daktronics investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: [email protected], to discuss their legal rights, or click here to join the case via our website. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

On December 6, 2022, Daktronics disclosed that it would be unable to timely file its Quarterly Report on Form 10-Q for the period ended October 29, 2022, and that there is "substantial doubt" about the Company's ability to continue as a going concern. Daktronics also disclosed that it recorded a valuation allowance of approximately $13.0 million for deferred tax assets which "created a covenant violation under our line of credit agreement." The Company further disclosed that "[i]n light of the substantial doubt in our ability to continue as a going concern and our related evaluation of the income tax implications of reaching this conclusion, the Company also expects to conclude that its disclosure controls and procedures and internal control over financial reporting were not effective as a result of material weaknesses."

On this news, Daktronics' stock price fell $1.30 per share, or 39.16%, to close at $2.02 per share on December 7, 2022.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
[email protected]
310-692-8883
www.portnoylaw.com

Attorney Advertising