New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Carbonite, Inc. (“Carbonite” or the “Company”) (NASDAQ: CARB) between February 7, 2019 and July 25, 2019, inclusive (the “Class Period”).
If you purchased Carbonite securities, and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Carbonite, Inc. (“Carbonite” or the “Company”) (NASDAQ: CARB) between February 7, 2019 and July 25, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the District of Massachusetts alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse information regarding the technological quality of the Server Backup VM Edition and its potential to add “meaningfully” to Carbonite’s financial performance for fiscal 2019. Specifically, defendants failed to disclose that: (i) Carbonite’s Server Backup VM Edition was of poor quality and technologically flawed; (ii) Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition; and (iii) the poor quality and technological flaws of the Server Backup VM Edition were acting as a “disruptive” factor throughout the Carbonite salesforce and keeping that sales organization from closing opportunistically on several larger deals during fiscal 2019. As a result of this information being withheld from the market, the price of Carbonite common stock was artificially inflated to more than $29 per share during the Class Period.
On July 25, 2019, Carbonite announced that it was withdrawing the Server Backup VM Edition from the marketplace and consequently lowering its financial projections for fiscal 2019 and 2020. The same day, Carbonite’s Chief Executive Officer announced he was leaving the Company.
On this news, the price of Carbonite stock declined more than 24%, from a close of $23.90 per share on July 25, 2019 to a close of $18.01 per share on July 26, 2019.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero Bernstein Liebhard LLP https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com