HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Urges VMware (VMW) Investors Who Have Suffered Significant Losses to Contact its Attorneys: Investigation into Possible Securities Fraud Ongoing
03/26/2020 | 05:39pm EDT
SAN FRANCISCO, March 26, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in VMware, Inc. (NYSE: VMW) who have suffered significant to submit their losses now. Certain investors may have valuable claims.
The investigation centers on whether VMware may have misled investors about its financial results, including the Company’s reported backlog and associated accounting and disclosures.
In past quarters, VMware has touted its backlog, which the Company represents is comprised of unfulfilled purchase orders or unfulfilled executed agreements received at the end of a given period. VMware’s backlog is an important metric to investors as it helps gauge the pace of the Company’s sales and production efficiency.
But, on Feb. 27, 2020, after the market closed, the Company announced disappointing Q4 results and disclosed that in Dec. 2019 the SEC requested documents and information related to VMware’s backlog and associated accounting and disclosures. Significantly, on the Q4 2019 earnings call, VMware disclosed that its total backlog was only $18 million, down massively from $449 million in the year-ago quarter. This news sent the price of VMware shares sharply lower the next day.
“We’re focused on investors’ losses and whether VMware may have manipulated its backlog metric,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding VMware should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email VMW@hbsslaw.com.
About Hagens Berman Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.