Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Box, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Box, Inc. ("Box" or the "Company")(NYSE:BOX) of the August 5, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Box stock or options between November 28, 2018 and June 3, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Box securities between November 28, 2018 and June 3, 2019 (the "Class Period"). The case, Duvnjak v. Box, Inc. et al., No. 19-cv-03173 was filed on June 6, 2019, and has been assigned to Judge Phyllis J. Hamilton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that the Company was unable to close large deals within the quarter; (2) that, as a result, the Company’s revenue would be materially impacted; and (3) 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.
On February 27, 2019, the Company reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals.
On this news, Box's share price fell from $24.88 per share on February 27, 2019 to a closing price of $20.24 on February 28, 2019: a $4.64 or a 18.65% drop.
On June 3, 2019, the Company lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals.
On this news, Box's share price fell from $17.93 per share on June 3, 2019 to a closing price of $17.18 on June 4, 2019: a $0.75 or a 4.18% drop.
Box, Inc. (BOX)
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Filed on 06/10/2019
Lead Plaintiff Deadline 08/05/2019
46 days remaining
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331