RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Nutanix, Inc. (“Nutanix” or the “Company”) (NYSE: NTNX) between March 8, 2017 and April 15, 2019, inclusive (the “Class Period”).
Nutanix shareholders may, no later than May 28, 2019, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Nutanix and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
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 are a member of the class, you may, no later than May 28, 2019, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.