T, NTNX, CRCM - Bronstein, Gewirtz & Grossman, LLC Class Action Update
NEW YORK, May 17, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
AT&T Inc. (NYSE: T)
Class Period: (1) pursuant or traceable to the SEC Form S-4 registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with AT&T’s June 2018 acquisition of and merger with Time Warner (the “Acquisition”); and/or (2) purchased or otherwise acquired AT&T securities between October 22, 2016 and October 24, 2018, both dates inclusive (the “Class Period”)
Deadline: May 31, 2019
For more info: www.bgandg.com/t
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) AT&T’s Registration Statement touted false and misleading financial results, trends, and metrics and omitted material facts rendering those financial results, trends, and metrics materially misleading. Principally, the Registration Statement touted yearly and quarterly growth trends in AT&T’s Entertainment Group segment, particularly Video Entertainment, including quarterly subscriber gains in its DirecTV Now service sufficient to offset any decrease in traditional satellite DirecTV subscribers, such that AT&T was experiencing an ongoing trend of total video subscriber “Net Additions.”; (2) The Registration Statement also purported to warn of numerous risks that “if” occurring “may” or “could” adversely affect the Company while failing to disclose that these “risks” had already materialized at the time of the Acquisition; (3) AT&T had substantially increased prices, while at the same time discontinuing promotional discounts for its DirecTV Now service. As a result, DirecTV Now subscribers were leaving (i.e., not renewing) as soon as their promotional discount periods expired, while at the same time new potential DirecTV Now customers were unwilling to pay the higher prices and therefore not subscribing at all. Thus, by the time of the Acquisition, AT&T’s reported “Net Additions” growth trend was already reversing into a severe “Net Loss”; and (4) as a result of the foregoing, Defendants’ positive statements about AT&T’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Nutanix, Inc. (NASDAQ: NTNX)
Class Period: March 2, 2018 - February 28, 2019
Deadline: May 28, 2019
For more info: www.bgandg.com/ntnx
On February 28, 2019, Nutanix issued a press release announcing the Company’s financial and operating results for the second fiscal quarter of 2019. In the press release, Nutanix advised investors that “[l]ooking head, our third quarter guidance reflects the impact of inadequate marketing spending for pipeline generation and slower than expected sales hiring. We took a critical look at these areas and have taken actions to address them.” Later that day, on a conference call discussing the Company’s financial results, Nutanix revealed that despite its previous representations that the Company had been investing in sales and marketing and growing its business, in actuality Nutanix had held flat or decreased lead generation, the key driver of pipeline. As a result, Nutanix had missed its pipeline targets and Nutanix’s financial guidance for upcoming quarters was significantly negatively impacted. Following these disclosures, Nutanix’s stock price fell $16.39 per share, more than 32%, to close at $33.70 per share on March 1, 2019.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) Care.com was not effectively screening members’ information “against various databases and other sources for criminal or other inappropriate activity,” (2) hundreds of day care centers listed on Care.com’s website as “state licensed” were not so licensed; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]