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Oklahoma City, OK (July 10, 2019) – On July 2, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Diebold Nixdorf, Incorporated (NYSE: DBD). 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 May 4, 2017 through July 4, 2017. More specifically, the Complaint alleges, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing delays in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle; (2) the foregoing issues were negatively impacting the Company’s services business and operations; and (3) as a result, defendants’ statements about Diebold’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 5, 2017, the Company disclosed that it expected a wider net loss than prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss. The Company attributed to the lowered expectations to a “delay in systems rollouts” as well as “a longer customer decision-making process and order-to-revenue conversion cycle.” On this news, the Company’s share price fell $6.40, or nearly 23%, to close at $21.60 per share on July 5, 2017, thereby injuring investors.
Plaintiff seeks to recover damages on behalf of all Diebold Nixdorf, Incorporated 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 Tuesday, September 3, 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 firstname.lastname@example.org