| COMPANY |
NetApp, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
19-cv-04801 |
| JUDGE |
The Hon. Jon S. Tigar |
| CLASS PERIOD |
May 23, 2019 - August 1, 2019 |
| SECURITY TYPE |
All Securities |
Case Background:
On August 14, 2019, the initial complaint in this securities class action was filed against NetApp, Inc. (“NetApp”), and certain of NetApp’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all persons and entities who purchased or otherwise acquired NetApp's publicly traded securities from May 23, 2019 through August 1, 2019, both dates inclusive.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) as a result, the company’s revenue would be materially impacted; (3) as a result, the company would lower its fiscal 2020 guidance; and (4) 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.
Current Status of Case:
On September 1, 2022, the Court entered an Order approving the Settlement of this action. This action has concluded.
The deadline to file a claim is August 2, 2022. If you have any questions or need further information about this settlement, you may go to the following website, www.strategicclaims.net/NetApp/, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004.
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: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. 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.