Alteryx investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Alteryx is a data analytics company that offers a subscription-based platform for customers to access, prepare, and analyze data from a multitude of sources, then deploy and share analytics at scale to make data-driven decisions.
The Class Period commences on May 6, 2020, when Alteryx announced its first quarter 2020 financial results in a press release that stated, in relevant part, “Alteryx delivered solid results and crossed over $400 million in annual recurring revenue in the first quarter, despite an abrupt and significant change in customer buying behavior late in the quarter.”
The complaint alleges that, on August 6, 2020, after the market closed, Alteryx announced its second quarter 2020 financial results and disappointing growth projections for the third quarter and full year 2020. Specifically, Alteryx stated that it expected only 7% to 11% revenue growth for the third quarter of 2020 (as compared to the same period in 2019). Further, the company stated that for fiscal year 2020, it expected revenue “to be in the range of $460.0 million to $465.0 million, an increase of 10% to 11% year-over-year.”
Following this news, Alteryx’s share price fell $47.62, or more than 28%, to close at $121.38 per share on August 7, 2020. The stock price continued to decline over the next trading session by $12.15, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77, or 35%.
The complaint alleges that throughout the Class Period, the defendants failed to disclose that: (1) Alteryx was unable to close large deals within the quarter, and deals were pushed out to subsequent quarters or downsized; (2) as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) as a result and due to the nature of adoption licenses, Alteryx’s revenue was reasonably likely to decline; and (4) as a result of the foregoing, the defendants’ positive statements about Alteryx’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you are a member of the class described above, you may no later than October 19, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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