Pivotal Software, Inc.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who acquired Pivotal Software, Inc., shares (“Pivotal,” “PVTL” or the “Company”) (NYSE: PVTL) between April 24, 2018 and June 4, 2019 inclusive. This lawsuit seeks to recover Pivotal Shareholders’ investment losses.
If you purchased shares of Pivotal Software, Inc., between April 24, 2018 and June 4, 2019, inclusive and would like to join the action, please click “Join Class Action” above.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who acquired Pivotal Software, Inc., shares (“Pivotal,” “PVTL” or the “Company”) (NYSE: PVTL) between April 24, 2018 and June 4, 2019, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California to recover damages for Pivotal investors under the Securities Act of 1933 and the Securities Exchange Act of 1934.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) 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and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times..
On June 4, 2019, post-market, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that “Sales execution and a complex technology landscape impacted the quarter.” Wedbush Securities (“Wedbush”) analyst Daniel Ives (“Ives”) called the quarter a “train wreck” and characterized the Company’s operating results as “disastrous,” asserting that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycle and the acitivty in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”
On this news, Pivotal’s stock price fell $7.65 per share, or over 40%, to close at $10.89 per share on June 5, 2019, far below the initial public offering price of $15 per share.
If you wish to serve as lead plaintiff in the class action, you must move the court no later than August 19, 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 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.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP