SAN DIEGO & NORTH CANTON, Ohio–(BUSINESS WIRE)–$DBD #ClassAction–Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Diebold Nixdorf, Incorporated (NYSE: DBD) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between May 4, 2017 and July 4, 2017. Diebold Nixdorf offers connected commerce solutions to financial institutions and retailers in a variety of global regions. In 2016, Diebold Nixdorf changed its name from Diebold to Diebold Nixdorf following its acquisition of Wincor Nixdorf AG.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/diebold-nixdorf-incorporated/
Diebold Nixdorf Accused of Misleading Shareholders
According to the complaint, Diebold Nixdorf touted the automation, optimization, and efficiency of its systems line of business (“LOB”) in its 1Q 2017 10-Q and claimed that its “DN2020” program would, “deliver greater innovation for customers, career enrichment opportunities for employees, and enhanced value for shareholders.” However, these statements were materially false and misleading as they failed to mention that Diebold Nixdorf was experiencing delays in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle, which were negatively impacting its service business and operations. The reality of Diebold Nixdorf’s situation was finally disclosed in July 2017 when Diebold Nixdorf revealed a wider fiscal 2017 net loss guidance of $110 million to $125 million from its initial range of $50 to $75 million due to the previously stated issues. On this news, Diebold Nixdorf’s stock price fell $6.40, or nearly 23%, to close at $21.60 per share.
Diebold Nixdorf Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected] or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Check out Stock Watch, our free investment monitoring program for shareholders.
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