SAN FRANCISCO, CA – (April 12, 2019) – Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Nutanix, Inc. (“Nutanix” or the “Company”) (Nasdaq: NTNX) between March 2, 2018 and February 28, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Nutanix securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 28, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Nutanix investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Nutanix Securities Class Litigation
Nutanix, incorporated in Delaware and headquartered in San Jose, California, is a cloud-computing software company that provides information technology infrastructure solutions for corporate and governmental clients. Nutanix’s software includes an information technology platform that integrates enterprise-level access to both private and public clouds.
The action alleges that from March 2, 2018 through February 28, 2019, inclusive (the “Class Period”), Defendants made repeated statements that the Company was investing heavily in growth and increasing its sales and marketing activities while maintaining high profit margins. Recent disclosures revealed that Defendants’ statements were false and/or misleading, and/or that Defendants failed to disclose that: (i) Defendants did not increase Nutanix’s lead generation spending during the Class Period, and in fact decreased such spending; and (ii) as a result, the growth of the Company’s business was unsustainable and its financial earnings projections were misleading.
After the market closed on February 28, 2019, Nutanix issued a press release and held a conference call announcing its financial results for the second fiscal quarter of 2019 and guidance for the third quarter. On the call, the Company’s founder and Chief Executive Officer Dheeraj Pandey and its Chief Financial Officer Duston M. Williams revealed that despite earlier statements that Nutanix was investing in sales and marketing and growing the business, the Company had held flat or decreased spending on lead generation—a “key component” to developing its sales pipeline.
On this news, the price of Nutanix’s stock fell $16.39 per share, or 32.7%, from a closing price of $50.09 per share on February 28, 2019, to close at $33.70 per share on March 1, 2019, on extremely elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP