NEW YORK, Oct. 02, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California, captioned Lagudi v. Alteryx, Inc., et al. (Case No. 8:20-cv-01910), on behalf of those who acquired Alteryx, Inc. (“Alteryx” or the “Company”) (NYSE: AYX) from May 6, 2020 through August 7, 2020, inclusive (the “Class Period”). Investors have until October 19, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 6, 2020, after the market closed, Alteryx announced its second quarter 2020 financial results, and stated that the Company expected only 10% to 11% revenue growth for the full year, and 7% to 11% revenue growth for the third quarter of 2020 (as compared to the same period in 2019). On this news, Alteryx’s stock price fell $47.62, or more than 28%, to close at $121.38 per share on August 7, 2020.
On August 7, 2020, after the market closed, the Company filed its Quarterly Report on Form 10-Q for the period ended June 30, 2020. Therein, Alteryx further disclosed, in relevant part, that: “During the three and six months ended June 30, 2020, we continued to experience significant changes in customer buying behavior that began in March as a result of the impact of the COVID-19 pandemic, including decreased customer engagement and delayed sales cycles. As a result of these changes, we experienced a decrease in revenue from the three months ended June 30, 2020 as compared to the three months ended March 31, 2020 and deterioration in near-term demand, and saw key business metrics, including our dollar-based net expansion rate, decrease quarter over quarter… Further, as a result of the impact of the COVID-19 pandemic on our operating results for the three months ended June 30, 2020, we expect our business in fiscal 2020 to continue to perform at levels lower than planned prior to the COVID-19 pandemic.” On this news, Alteryx’s stock price fell $12.15, or 10%, to close at $109.23 per share on August 10, 2020.
If you acquired Alteryx securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com
www.kmllp.com