Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Sharecare Inc.

Upcoming Lead Plaintiff Deadline is June 18, 2024

NEW YORK, April 30, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf  Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central  District of California against Sharecare Inc. (NASDAQ: SHCR) ("Sharecare" or "the Company") on behalf of all persons and entities that purchased or otherwise acquired Sharecare securities between May 10, 2023 and March 28, 2024, inclusive (the "Class Period").

All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than June 18, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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The filed Complaint alleges that throughout the Class Period Sharecare made materially false and/or misleading statements because the Company misrepresented and failed to disclose the following adverse facts pertaining to the Company's business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, the Company made false and/or misleading statements and/or failed to disclose that:

• Sharecare lacked adequate internal controls; and
• as a result, Sharecare's statements about its business, operations, and prospects were materially false and misleading and/or always lacked a reasonable basis.

Furthermore, Sharecare filed with the Securities and Exchange Commission ("SEC") filed its 2023 quarterly Form 10-Q reports on May 10th, August 9th, and November 9th. In each of these respective reports, Sharecare's Chief Executive Officer (CEO) and Chief Financial Officer (CFO) stated that the Company's disclosure controls and procedures were effective.

Then, according to the Complaint, on March 29, 2024, Sharecare filed with the SEC its Annual Report on Form 10-K for the year ended December 31, 2023. In this report, Sharecare's CEO and CFO disclosed that the Company's disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting. Specifically, Sharecare's internal controls were deemed inadequate regarding "revenue recognition evaluation resulting from a change in services provided to a customer, due to untimely communication between cross-functional teams."

On this news, Sharecare's stock price fell by $0.2171, or 28.28% to close at $0.5504 on April 1, 2024, on unusually heavy trading volume.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP