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Alteryx, Inc. (NYSE: AYX) Investor Securities Class Action Lawsuit 08/20/2020

  • If you purchased shares of Alteryx, Inc. (NYSE: AYX), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Alteryx Inc
Security
NYSE: AYX

Case Name
Alteryx Shareholder Class Action Lawsuit 08/20/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Summary

January 28, 2021 - An amended complaint was filed.

August 19, 2020 - An investor in shares of Alteryx, Inc. (NYSE: AYX) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Alteryx, Inc. in connection with certain allegedly false and misleading statements made between May 6, 2020 and August 6, 2020.

Irvine, CA based Alteryx, Inc. provides end-to-end analytics platform for data analysts and scientists worldwide. Alteryx, Inc. reported that its annual Total Revenue rose from $253.57 million in 2018 to $417.91 million in 2019, and that Net Income declined from $28.02 million in 2018 to $27.14 million in 2019.

On August 6, 2020, Alteryx, Inc. announced its second quarter 2020 financial results, and disappointing growth projections for the third quarter and full year 2020. Therein, Alteryx, Inc. stated that, for the third quarter, it expected revenue “to be in the range of $111.0 million to $115.0 million, an increase of 7% to 11% year-over-year.” Moreover, for fiscal year 2020, the Company expected revenue “to be in the range of $460.0 million to $465.0 million, an increase of 10% to 11% year-over-year.” Shares of Alteryx, Inc. (NYSE: AYX) declined from $181.08 per share on August 5, 2020 to as low as $106.51 per share on August 11, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Alteryx, Inc. (NYSE: AYX) common shares between May 6, 2020 and August 6, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 6, 2020 and August 6, 2020, the Defendants failed to disclose to investors that the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers, that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and 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.