The law firm is examining whether Simulation Plus misled investors on financial reporting, internal controls and revenue outlook after a June guidance cut and July disclosures.
Robbins LLP said it is investigating Simulation Plus, Inc. over whether certain officers and directors violated securities laws or breached fiduciary duties tied to the company’s financial reporting, internal controls, and business outlook. The review centers on whether investors were adequately informed before a series of disclosures in June and July 2025 triggered steep share-price declines. On June 11, 2025, Simulation Plus announced preliminary third-quarter fiscal 2025 revenue and cut its full-year fiscal 2025 revenue outlook, citing market uncertainty, after which the stock fell more than 24% from $26.44 to $20.05. On July 14, 2025, the company reported a net loss of $67.3 million and a $77.2 million non-cash impairment charge (an accounting write-down with no immediate cash outflow). A day later, it said it had dismissed Grant Thornton LLP as its independent auditor and that issues involving segment reporting, reporting-unit determinations, and internal control over financial reporting prevented the timely completion of its Form 10-Q (quarterly filing with the SEC). Following those disclosures, the shares declined nearly 26% from $17.47 to $12.97. Robbins LLP said investors who purchased or otherwise acquired Simulation Plus securities and suffered losses may have legal rights.