On April 18, 2022, Labaton Keller Sucharow was appointed lead counsel in a securities class action against DocuSign, Inc. (DocuSign), which offers software that allows for the electronic generation, distribution, and signature of documents, as well as corresponding technical support.
At issue are statements made by DocuSign executives during the height of the COVID-19 pandemic when the company experienced accelerated growth and whether the company misled investors about the strength of its business “falsely assuring investors it would continue experiencing growth and demand for its product after COVID-19 restrictions were lifted.”
The operative complaint in this Action, the Amended Class Action Complaint (the “Complaint”), was filed on July 8, 2022. On September 16, 2022, Defendants moved to dismiss the Complaint. On April 18, 2023, the Court denied Defendants’ motion to dismiss.
On September 15, 2023, Lead Plaintiffs filed a motion for class certification. Following briefing on the motion and oral argument, on May 28, 2024, the Court issued an Order under seal granting the class certification motion, certifying the Class, appointing DIL and PERSI as class representatives, and appointing Labaton Keller Sucharow LLP as “Class Counsel.” The class certification Order was filed on the public docket on June 10, 2024. On June 7, 2024, Defendants filed a petition with the Ninth Circuit Court of Appeals requesting permission to appeal the class certification Order pursuant to Federal Rule of Civil Procedure 23(f). Following briefing, on July 18, 2024, the Ninth Circuit denied Defendants’ Rule 23(f) petition. Discovery is ongoing in the Action (with the parties currently in the midst of fact discovery, which will be followed by expert discovery). A trial date in this Action has been scheduled for July 13, 2026.
Beginning in September 2024, a Class Postcard was mailed to potential class members informing them that the class has been certified and of their right to opt out of the class, among other things. Additionally, a long-form notice is available at www.DocuSignSecuritiesLitigation.com.
The case is Weston v. DocuSign, Inc., No. 3:22-cv-00824, in the U.S. District Court for the Northern District of California. Labaton Keller Sucharow represents Deka International S.A. Luxembourg and Public Employee Retirement System of Idaho.
