LOS ANGELES, Feb. 05, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming March 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Forescout Technologies, Inc. (“Forescout” or the “Company”) (NASDAQ: FSCT) investors who purchased securities between February 7, 2019 and October 9, 2019, inclusive (the “Class Period”).
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On October 10, 2019, before the market opened, Forescout reduced third quarter 2019 revenue guidance to $90.6 million to $91.6 million, compared to prior guidance of $98.8 million to $101.8 million, due to “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, Forescout’s stock price fell $14.63 per share, or more than 37%, to close at $24.57 per share on October 10, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa; (2) that the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (3) that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Forescout securities during the Class Period, you may move the Court no later than March 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com