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Oklahoma City, OK (April 1, 2019) – On March 29, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Nutanix, Inc. (NASDAQ: NTNX). 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 March 2, 2018 through February 28, 2019. More specifically, the complaint alleges that Defendants made repeated statements that Nutanix was investing heavily in growth and was increasing sales and marketing activities while maintaining high profit margins.
Beginning on March 2, 2018, Nutanix and its senior executives made repeated statements that Nutanix was investing heavily in growth while maintaining high profit margins. On February 28, 2019, Nutanix announced its second quarter fiscal 2019 results and reported third quarter guidance that was below analysts’ expectations. Management acknowledged that “inadequate marketing spend for pipeline generation and slower than expected sales hiring” were the reasons for the weak guidance. On this news, Nutanix’s stock price fell by $16.39 per share or more than 32%, from its closing price of $50.09 per share on February 28, 2019, to close at $33.70 per share on March 1, 2019.
Plaintiff seeks to recover damages on behalf of all Nutanix, 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 Tuesday, May 28, 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.
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