BENSALEM, Pa.–(BUSINESS WIRE)–$BOX #classaction–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Box, Inc. (“Box” or the
“Company”) (NYSE: BOX)
securities between November 28, 2018 and June 3, 2019, inclusive
(the “Class Period”). Box investors have until August 5, 2019 to
file a lead plaintiff motion.
Investors suffering losses on their Box 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 [email protected].
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.
If you purchased shares of Box, have information, would like to learn
more about these claims, or 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 [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
