To join this class action, please complete the following Investor Certification.   [contact-form-7 id=”1206″ title=”Box, Inc. Investor Certification”]

Oklahoma City, OK (June 17, 2019) – On June 6, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Box, Inc. (NYSE: BOX).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is November 28, 2018 through June 3, 2019.  More specifically, the complaint 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 failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter; (2) that, as a result, the Company’s revenue would be materially impacted; and (3) 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.

On February 27, 2019, the Company reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals.  On this news, the Company’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019, thereby injuring investors.

Then on June 3, 2019, the Company lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals.  On this news, the Company’s share price fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019, thereby injuring investors further.

Plaintiff seeks to recover damages on behalf of all Box, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Monday, August 5, 2019 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:  Robin Hester at rkh@federmanlaw.com