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MarketScreener Homepage  >  Equities  >  Nasdaq  >  NetApp    NTAP

NETAPP

(NTAP)
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Glancy Prongay & Murray LLP : Files a Securities Class Action Behalf of NetApp, Inc. Investors (NTAP)

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08/14/2019 | 08:30pm EDT

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Smith v. NetApp, Inc. et al., (Case No. 3:19-cv-04801), on behalf of persons and entities that purchased or otherwise acquired NetApp, Inc. (NASDAQ: NTAP) (“NetApp” or the “Company”) securities between May 22, 2019 and August 1, 2019, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

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

On August 1, 2019, after the market closed, the Company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Additionally, the Company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.

On this news, the Company’s share price fell as much as $11.67, or over 20%, to close at $46.04 per share on August 2, 2019, thereby injuring investors.

The complaint filed in this class action alleges 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 made false and/or misleading statements and/or failed to disclose: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company’s revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; and (4) 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.

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

If you purchased NetApp securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. 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, 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.


© Business Wire 2019
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Financials (USD)
Sales 2020 5 662 M
EBIT 2020 1 133 M
Net income 2020 841 M
Finance 2020 1 743 M
Yield 2020 4,09%
P/E ratio 2020 14,0x
P/E ratio 2021 11,9x
EV / Sales2020 1,67x
EV / Sales2021 1,61x
Capitalization 11 173 M
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Technical analysis trends NETAPP
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 30
Average target price 52,13  $
Last Close Price 46,76  $
Spread / Highest target 49,7%
Spread / Average Target 11,5%
Spread / Lowest Target -16,6%
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George Kurian President, Chief Executive Officer & Director
Thomas Michael Nevens Chairman
Bill Berg Senior Vice President-Operations
Ronald J. Pasek Chief Financial Officer & Executive Vice President
William H. Miller SVP & Chief Information Officer
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