| COMPANY |
Pivotal Software, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
19-cv-03589 |
| JUDGE |
The Hon. Charles R. Breyer |
| CLASS PERIOD |
April 20, 2018 - June 4, 2019 |
| SECURITY TYPE |
All Securities |
Case Background:
On June 20, 2019, the initial complaint in this securities class action was filed against Pivotal Software, Inc. (“Pivotal” or the “Company”), and certain of Pivotal’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 lawsuit on behalf of a class consisting of all persons and entities that purchased or otherwise acquired: (1) Pivotal common stock pursuant or traceable to the Registration Statement and Prospectus issued in connection with Pivotal’s April 2018 initial public offering; and/or (2) Pivotal publicly traded securities during the period from April 20, 2018 through June 4, 2019, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Pivotal was facing major problems with its sales execution and a complex technology landscape; (2) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On February 11, 2020, Lead Plaintiffs filed a consolidated amended complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on March 27, 2020. On July 21, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. This action has concluded.
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.