AP NEWS
Click to copy
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Click to copy
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Nutanix, Inc.

Glancy Prongay & Murray LLPMay 28, 2019

LOS ANGELES, May 28, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the May 28, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Nutanix, Inc. (“Nutanix” or the “Company”) (NASDAQ: NTNX ) securities between March 2, 2018 and February 28, 2019, inclusive (the “Class Period”). Nutanix investors have until May 28, 2019 to file a lead plaintiff motion in this class action.

If you are a shareholder who suffered a loss, click here to participate.

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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Nutanix securities during the Class Period you may move the Court no later than May 28, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.com, 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 & Murray LLP, Los Angeles Lesley Portnoy, 310-201-9150 or 888-773-9224 shareholders@glancylaw.comwww.glancylaw.com

All contents © copyright 2019 The Associated Press. All rights reserved.