LOS ANGELES–(BUSINESS WIRE)–$BOX #CLASSACTION—Glancy
Prongay & Murray LLP (“GPM”) announces that it has filed a class
action lawsuit in the United States District Court for the Northern
District of California, captioned Duvnjak v. Box, Inc. et al.,
(Case No. 3:19-cv-03173), on behalf of persons and entities that
purchased or otherwise acquired Box, Inc. (NYSE: BOX)
(“Box” or the “Company”) securities between November 28, 2018 and
June 3, 2019, inclusive (the “Class Period”). Plaintiff pursues
claims under Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of
this notice to move the Court to serve as lead plaintiff in this
action.
If you are a shareholder who suffered a loss, click here
to participate.
On February 27, 2019, the Company reported fourth quarter revenue that
fell below investors’ expectations, citing longer sales cycles for
seven-figure deals.
On this news, the Company’s share price fell $4.64, or nearly 19%, to
close at $20.24 on February 28, 2019, thereby injuring investors.
Then on June 3, 2019, the Company lowered its fiscal 2020 revenue
outlook to a range of $688 million to $692 million, from previous
guidance of $700 million to $704 million, again citing longer sales
cycles for its larger deals.
On this news, the Company’s share price fell as much as $1.30, or more
than 7%, to close at $17.18 per share on June 4, 2019, thereby injuring
investors further.
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; (2) that, as a result,
the Company’s revenue would be materially impacted; and (3) 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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Box securities during the Class Period, you may move
the Court no later than 60 days from the date of this notice to
ask the Court to appoint you as lead plaintiff. To be a member of the
Class 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. If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, of
GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected],
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
