NEW YORK, May 12, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed against MobileIron, Inc. (Nasdaq:MOBL) in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased securities of MobileIron Inc., between February 13, 2015, and April 22, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934.
The complaint alleges that MobileIron and certain of its executives failed to disclose material information during the Class Period, thereby violated federal securities laws.
On April 22, 2015, MobileIron announced its first quarter 2015 preliminary results, revealing that the Company expects to report revenue of $32-$33 million below its previous guidance of $34-$37 million. The Company also reported gross billings of $35.5-$37 million, which was also below its previous guidance of $40-$42 million.
The Company stated that, “Near the end of the quarter, we witnessed multiple large deals from North American customers that did not close as expected. Further, we saw a large shift by customers to our monthly subscription offering, which resulted in lower billings and revenue.” MobileIron also announced that its Chief Financial Officer will be resigning.
On this news, the price of MobileIron’s shares plummeted by over 25% and the Company was downgraded.
If you purchased MobileIron securities during the Class Period, you may, no later than June 30, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive 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 over 35 attorneys in various practice areas; and offices in New York, Chicago 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 Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “MobileIron Investigation.”
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