Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In NetApp, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in NetApp, Inc. (“NetApp” or the “Company”) (NASDAQ:NTAP) of the October 15, 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 NetApp stock or options between May 22, 2019 and August 1, 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 firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased NetApp securities between May 22, 2019 and August 1, 2019 (the “Class Period”). The case, Smith v. NetApp, Inc., No. 19-cv-04801 was filed on August 14, 2019 and has been assigned to Judge Jon S. Tigar.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failing to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants failed to disclose to investors: (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.
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 stock fell from $57.71 on August 1, 2019 to $46.04 on August 2, 2019— a $11.67 or 20.22% drop.
NetApp, Inc. (NTAP)
* The submission of this form does not create an attorney-client relationship.
Filed on 08/16/2019
Lead Plaintiff Deadline 10/15/2019
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello email@example.com Phone (212) 983-9330 Fax (212) 983-9331