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Anaplan, Inc. (NYSE: PLAN) Investor Securities Class Action Lawsuit 08/24/2020

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

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Lawsuit Overview

Company
Anaplan, Inc.
Security
NYSE: PLAN

Case Name
Anaplan Shareholder Class Action Lawsuit 08/24/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

January 6, 2021 - An amended complaint was filed.

August 24, 2020 - An investor in shares of Anaplan, Inc. (NYSE: PLAN) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Anaplan, Inc. in connection with certain allegedly false and misleading statements made between November 21, 2019 and February 26, 2020.

San Francisco, CA based Anaplan, Inc. provides a cloud-based connected planning platform to connect organizations and people. Anaplan, Inc. reported that its Total Revenue rose from $240.64 million for the 12 months period that ended on January 31, 2019 to $348.02 million for the 12 months period that ended on January 31, 2020, and that its Net Loss over those respective time periods increased from $131.01 million to $149.21 million.

On February 27, 2020, Anaplan, Inc reported billings of $126 million for fourth quarter 2019, representing a growth rate of 25%, which was well below consensus estimates and roughly half of the Company’s historical growth rates of 46% to 59%. Anaplan, Inc attributed the shortfall to the inability to close some large deals at the end of the quarter due to certain management changes. Shares of Anaplan, Inc. (NYSE: PLAN) declined from $63.71 per share on February 14, 2020 to as low as $26.04 per on April 2, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Anaplan, Inc. (NYSE: PLAN) common shares between November 21, 2019 and February 26, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 21, 2019 and February 26, 2020, the defendants made false and/or misleading statements and/or failed to disclose to investors that the Company was undergoing sales organization and execution challenges, that these organizational challenges were causing the Company to miss on closing very important large deals, and that as a result, Anaplan’s financial guidance for “calculated billings growth” was baseless and unattainable. Further, while in possession of this material non-public information, Anaplan insiders dumped approximately $30 million worth of Anaplan stock at artificially inflated prices.