SAN FRANCISCO, Nov. 9, 2026 /PRNewswire/ -- On October 28, 2026 Endava plc (NYSE: DAVA) admitted in a filing with the SEC that accounting for agreements with certain customers were not correctly accounted for, that its CFO Mark Thurston left his positions three days before, and its CEO John Cotterell was replaced with an interim CEO. The company also said that General Counsel Rohit Bhoothalingam resigned a couple of days before.

Endava also said that its Audit Committee determined that Endava's financial statements for the three months ended September 30, 2025, the three months and six months ended December 31, 2025, and the three and nine months ended March 31, 2026 should no longer be relied on by investors.

In the same announcement, Endava said, "certain agreements entered into by the Company in fiscal 2026 with counterparties that were both customers and suppliers […] lacked economic substance" and "revenue recognition and balance sheet entries for the associated transactions were not in compliance with relevant accounting standards."

The company's share price fell 12% after already having fallen 24% on September 22, 2026, when Endava first revealed its Audit Committee internal investigation.

Investors who purchased or acquired Endava American Depositary Shares (ADSs) between Sept. 4, 2025 and Sept. 21, 2026, inclusive (the "Class Period"), and who suffered losses, may move the Court for lead plaintiff appointment no later than Nov. 30, 2026.

Endava investors who suffered substantial losses are encouraged to submit their transaction details or contact partner Reed Kathrein directly via email at DAVA@hbsslaw.com or by calling 844-916-0895.

Endava plc ($DAVA) Securities Class Action:

The securities class action focuses on whether Endava and its executive leadership issued materially false or misleading statements regarding the company's financial condition, internal accounting controls, and revenue recognition practices. Throughout the Class Period, Endava allegedly assured investors that its financial statements fairly presented its financial condition and that its internal controls over financial reporting were effective. The complaint alleges that defendants concealed improper accounting treatment for customer and supplier agreements, including non-compliant revenue recognition and balance sheet entries.

The truth allegedly emerged after the market closed on September 21, 2026, when Endava announced that its Audit Committee had launched an internal investigation into concerns raised by the company's outside auditors regarding customer and supplier agreements. Endava disclosed that its Chief Financial Officer had been placed on administrative leave and that the company would delay filing its annual financial results for fiscal year 2026. On this news, the price of Endava ADSs plummeted over 24% to close at $2.11 per share on September 22, 2026, causing significant losses for shareholders. Subsequently, Endava confirmed that certain agreements lacked economic substance, requiring the restatement of quarterly financial statements across fiscal year 2026.

Hagens Berman's Investigation

Hagens Berman is actively investigating the alleged claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934 in the pending litigation.

"We're focused on whether Endava may have misled investors regarding its true financial condition," said Reed Kathrein, a Hagens Berman partner.

If you invested in Endava and have substantial losses, or have knowledge that will assist the firm's investigation, contact the firm now »

Whistleblowers: Persons with non-public information regarding Endava should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DAVA@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

View original content to download multimedia:https://www.prnewswire.com/news-releases/endava-nyse-dava-replaces-ceo-and-cfo-confirms-financial-statements-are-unreliable-contracts-lack-economic-substance-financial-restatements-pending-302933580.html

SOURCE Hagens Berman Sobol Shapiro LLP