NEW YORK, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of DigitalOcean Holdings, Inc.:

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. DigitalOcean announced on August 3, 2023, that it had made errors on previous financial statements. According to the Company, "In connection with the preparation of our unaudited condensed consolidated financial statements for the period ended June 30, 2023, we identified certain errors within the unaudited condensed consolidated financial statements for the quarter ended March 31, 2023 as included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2023 filed on May 9, 2023. Specifically, there were errors in our accounting for income tax expense primarily relating to the calculation of certain capitalized research or experimental expenditures under Section 174 of the Internal Revenue Code of 1986 which impacted our income tax provision ("Section 174 Error"). Primarily as a result of the Section 174 Error, accrued taxes as of March 31, 2023 were overstated and the income tax expense for the three months ended March 31, 2023 was overstated by approximately $18 million." Based on this news, shares of DigitalOcean fell by almost 25% on the next day.

Due to the forgoing, The Gross Law Firm is investigating potential securities fraud claims on behalf of certain DigitalOcean investors. If you incurred a loss on your DOCN investment, please contact us using the link below to discuss your rights.

https://securitiesclasslaw.com/securities/digitalocean-loss-submission-form/?id=43835&from=3

WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903

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