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Carbonite Inc (NASDAQ: CARB) Investor Securities Class Action Lawsuit 08/01/2019

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Lawsuit Overview

Case Dismissed
Company
Carbonite Inc
Security
NASDAQ: CARB

Case Name
Carbonite Shareholder Class Action Lawsuit 08/01/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 22, 2020 - The court granted the defendants' motion to dismiss with prejudice.

March 10, 2020 - A motion to dismiss the consolidated amended complaint was filed.

January 15, 2020 - A consolidated amended complaint was filed.

August 1, 2019 - An investor in shares of Carbonite Inc (NASDAQ: CARB) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Carbonite Inc in connection with certain allegedly false and misleading statements made between February 7, 2019 and July 25, 2019.

Boston , MA based Carbonite, Inc., together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Carbonite Inc reported that its annual Total Revenue increased from $239.46 million in 2017 to $296.4 million in 2018 and that its Net Loss of $4 million in 2017 turned into a Net Income of $7.56 million in 2018. 

On July 25, 2019, Carbonite Inc announced its financial results for the second quarter of 2019 and that Carbonite was lowering its guidance for the year. Additionally, Carbonite Inc announced Mohamad Ali's decision to step down as President, CEO and member of the Company's Board. Shares of Carbonite Inc (NASDAQ: CARB) declined from $43.63 per share in September 2018 to as low as $17.75 per share on July 25, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Carbonite Inc (NASDAQ: CARB) common shares between February 7, 2019 and July 25, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 7, 2019 and July 25, 2019, the defendants failed to disclose that Carbonite’s Server Backup VM Edition was of poor quality and technologically flawed, that Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition, and that the poor quality and technological flaws of the Server Backup VM Edition were acting as a “disruptive” factor throughout the Carbonite salesforce and keeping that sales organization from closing opportunistically on several larger deals during fiscal 2019.