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Oklahoma City, OK (June 21, 2019) – On June 20, 2019, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Pivotal Software, Inc. (NYSE: PVTL). 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 (1) Pivotal common stock purchased or otherwise acquired pursuant to or traceable to Pivotal’s April 2018 initial public offering and/or (2) Pivotal securities between April 24, 2018 through June 4, 2019. More specifically, the complaint alleges that Pivotal Software went public in an initial public offering in April 2018 for $638 million in gross proceeds. However, Pivotal failed to disclose it was already experiencing diminished growth prospects as customers and industry sentiment shifted away from Pivotal’s principal offering because it was outdated and incompatible with the industry standard platform. As the truth was revealed, Pivotal shares plummeted.
On June 4, 2019, Pivotal reported disappointing financial and operating results, which it attributed to sales execution challenges with its disjointed product offering and the need to reengineer its primary PAS. On this news, Pivotal’s stock fell over 40% to close at $10.89 per share.
Plaintiff seeks to recover damages on behalf of all Pivotal Software, 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 19, 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