PIVOTAL SOFTWARE, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District for the Northern District of California on behalf of purchasers of the securitie
Tuesday, 25 June 2019 *LEAD PLAINTIFF DEADLINE IS AUGUST 19, 2019*
NEW YORK, June 25, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the securities of Pivotal Software, Inc. (NYSE: PVTL) (“Pivotal” or the “Company”):
(i) pursuant and/or traceable to the registration statement and prospectus (the “Registration Statement”) issued in connection with Pivotal’s April 2018 initial public offering (the “IPO”); and/or
(ii) between April 24, 2018 and June 4, 2019, inclusive (the “Class Period”).
*Investors who purchased the shares of* *Pivotal Software, Inc.* *urged** to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com**.*
If you have incurred losses in the shares of Pivotal Software, Inc., *you may,* *no later than August 19,** 2019, *request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Pivotal Software, Inc.
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According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
· Pivotal was facing major problems with its sales execution and a complex technology landscape;
· 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and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform, and;
· Pivotal’s public statements were materially false and misleading at all relevant times.
In April 2018, Pivotal commenced its IPO, issuing over 42 million shares of Pivotal common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement, raising more than $638 million in gross proceeds.
Post-market, on June 4, 2019, Pivotal reported its “First Quarter Fiscal Year 2020 Financial Results,” advising, among other things, that “. . . sales execution and a complex technology landscape impacted the quarter.”
On this news, Pivotal’s stock price dropped $7.65 per share, or more than 40%, to close at $10.89 per share on June 5, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
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