NETAPP, INC. NEW YORK, Aug. 15, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all investors that purchased NetApp, Inc. (NASDAQ: NTAP) securities between May 22, 2019 and August 1, 2019 (the "Class Period"). Investors have until October 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On August 1, 2019, 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. Moreover, 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 $11.67 per share, to close at $46.04 per share on August 2, 2019.
The complaint, filed on August 14, 2019, alleges that 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.
If you purchased NetApp shares during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the NetApp class action please go to https://bespc.com/NTAP. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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