BENSALEM, Pa., May 09, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming May 28, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Nutanix, Inc. (“Nutanix” or the “Company”) (NASDAQ: NTNX) securities between March 2, 2018 and February 28, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Nutanix investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 28, 2019, in a press release announcing the Company’s second quarter 2019 financial results, Nutanix advised investors that its third quarter 2019 guidance “reflects the impact of inadequate marketing spending for pipeline generation and slower than expected sales hiring.” During a conference call later that day, the Company disclosed that lead generation remained flat or declined, despite previous representations that the Company had been growing its business through investments in sales and marketing.
On this news, shares of Nutanix fell $16.39 per share, or over 32%, to close at $33.70 on March 1, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s lead generation spending remained flat or declined; (2) the Company was not increasing its sales and marketing activities; (3) that the Company’s financial results were driven by reduced lead generation spend, rather than improved operations; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times.
If you purchased shares of Nutanix during the Class Period you may move the Court no later than May 28, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com