NetApp investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, NetApp provides a range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation.
The Class Period commences on May 22, 2019, when NetApp announced fourth quarter and full year 2019 financial results.
According to the complaint, on August 1, 2019, after the market closed, NetApp reported preliminary first quarter 2020 net revenue between $1.22 and $1.23 billion, below previous guidance between $1.315 to $1.465 billion, and earnings per share between $0.30 and $0.35, below previous guidance between $0.56 and $0.64. Additionally, NetApp lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.
Following this news, NetApp’s share price fell as much as $11.67, or over 20%, to close at $46.04 per share on August 2, 2019.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) NetApp 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, NetApp’s revenue would be materially impacted; (3) as a result, NetApp would lower its fiscal 2020 guidance; and (4) as a result of the foregoing, the defendants’ positive statements about NetApp’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 15, 2019 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. Returning the attached form 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
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087
1-844-887-9500 (toll free) or 1-610-667-7706
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