NEW ORLEANS, March 21, 2021 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until March 22, 2021 to file lead plaintiff applications in a securities class action lawsuit against Nutanix, Inc. (NasdaqGS: NTNX), if they purchased the Company’s securities between March 1, 2018 and May 30, 2019, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of Nutanix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ntnx to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by March 22, 2021.
About the Lawsuit
Nutanix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 28, 2019, the Company disclosed its 2Q2019 financial results and 3Q guidance below analysts’ expectations due to “inadequate marketing spend for pipeline generation and slower than expected sales hiring,” which contradicted the Company’s prior statements that it was investing heavily in growth and was increasing sales and marketing activities while maintaining high profit margins. Then, on May 30, 2019, post-market, the Company announced its financial results for 3Q2019, again disclosing that the Company had failed to meet its revenue targets, despite its prior representations otherwise.
On this news, the price of Nutanix’s shares dropped 14.1%, from a closing price of $32.67 per share on May 30, 2019 to $28.07 per share on May 31, 2019, on exceptionally heavy trading volume of almost 22 million shares.
The case is In re Nutanix, Inc. Securities Litigation, No. 19-cv-01651.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163