SAN DIEGO–(BUSINESS WIRE)–Robbins
Geller Rudman & Dowd LLP (http://www.rgrdlaw.com/cases/nutanix-inc/)
today announced that a class action has been commenced on behalf of
purchasers of Nutanix, Inc. (NASDAQ:NTNX) common stock during the period
between March 2, 2018 and February 28, 2019 (the “Class Period”). This
action was filed in the Northern District of California and is captioned Mauter
v. Nutanix, Inc., et al., No. 19-cv-02442.
The Private Securities Litigation Reform Act of 1995 permits any
investor who purchased Nutanix common stock during the Class Period to
seek appointment as lead plaintiff. A lead plaintiff acts on behalf of
all other class members in directing the litigation. The lead plaintiff
can select a law firm of its choice. An investor’s ability to share in
any potential future recovery is not dependent upon serving as lead
plaintiff. If you wish to serve as lead plaintiff, you must move the
Court no later than 60 days from March 29, 2019. If you wish to discuss
this action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Darren
Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at [email protected]. You can
view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/nutanix-inc/.
The complaint charges Nutanix and certain of its officers with
violations of the Securities Exchange Act of 1934. Nutanix provides a
leading enterprise cloud platform that powers business applications and
end-user services by providing software solutions that digitize
traditional silos of enterprise computing.
The complaint alleges that during the Class Period, defendants made
false and misleading statements and/or failed to disclose adverse
information regarding Nutanix’s business and prospects. Specifically,
defendants failed to disclose that Nutanix had reallocated lead
generation spending to other priorities, which represented a significant
strategy shift from how the Company had historically conducted its sales
efforts, causing a large disruption in the Company’s sales execution,
negatively impacting Nutanix’s sales pipeline and slowing the Company’s
sales growth; that Nutanix had fallen behind in its sales hiring goals,
which was further impairing the Company’s efforts to grow its sales
pipeline development; and that the improvement in the Company’s gross
margins was not the result of the changes being made to the Company’s
business model, but rather was the result of the Company’s decision to
reallocate lead generation spending. As a result of defendants’ false
statements and/or omissions, the price of Nutanix common stock was
artificially inflated during the Class Period to more than $63 per
share, which enabled certain of Nutanix’s senior officers to sell their
Nutanix stock at artificially inflated prices.
Then, on the February 28, 2019, defendants announced the Company’s
financial results for the second quarter of fiscal 2019, revealing that
imbalances in lead generation spending were impacting the Company’s
sales pipeline and that the Company’s failure to keep pace with sales
hiring goals had had a negative effect on sales pipeline development. As
a result of these disclosures, the price of Nutanix common stock dropped
$16.39 per share to close at $33.70 per share on March 1, 2019, a
decline of over 32%.
Plaintiff seeks to recover damages on behalf of all purchasers of
Nutanix common stock during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.
Robbins Geller is a national law firm representing investors in
securities litigation. With 200 lawyers in 10 offices, Robbins Geller
has obtained many of the largest securities class action recoveries in
history. For five consecutive years, ISS Securities Class Action
Services has ranked the Firm in its annual SCAS Top 50 Report as one of
the top law firms in both the amount recovered for shareholders and the
total number of class action settlements. Robbins Geller attorneys have
helped shape the securities laws and recovered tens of billions of
dollars on behalf of aggrieved victims. Beyond securing financial
recoveries for defrauded investors, Robbins Geller also advocates for
corporate governance reforms, helping to improve the financial markets
for investors worldwide. Please visit http://www.rgrdlaw.com
for more information.
https://www.linkedin.com/company/rgrdlaw
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Contacts
Robbins Geller Rudman & Dowd LLP
Darren
Robbins
800/449-4900 or 619/231-1058
[email protected]
