INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of NetApp, Inc. Investors (NTAP)
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased NetApp, Inc. (“NetApp” or the “Company”) (NASDAQ: NTAP) securities between May 22, 2019 and August 1, 2019, inclusive (the “Class Period”). NetApp investors have until October 15, 2019 to file a lead plaintiff motion.
Investors suffering losses on their NetApp investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On August 1, 2019, after the market closed, the Company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Additionally, the Company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.
On this news, the Company’s share price fell as much as $11.67, or over 20%, to close at $46.04 per share on August 2, 2019, thereby injuring investors.
The complaint filed in this class action alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company’s revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; and (4) that, 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.
If you purchased shares of NetApp have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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