Lawsuit Overview
October 30, 2017 - The lead plaintiff filed a notice of appeal.
October 2, 2017 - The court granted defendants' motion to dismiss.
July 24, 2017 - Defendants filed a motion to dismiss.
June 12, 2017 - The lead plaintiff filed a third amended consolidated complaint.
May 10, 2017 - The court granted defendants' motion to dismiss.
February 17, 2017 - Defendants filed a motion to dismiss.
January 20, 2017 - The lead plaintiff filed a second amended consolidated complaint.
December 9, 2016 - The court granted defendants' motion to dismiss.
July 25, 2016 - Defendants filed a motion to dismiss.
July 15, 2016 - The lead plaintiff filed a corrected amended consolidated complaint on behalf of investors who purchased Nimble Storage Inc (NYSE: NMBL) common shares between November 25, 2014 through November 19, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 25, 2014 through November 19, 2015.
June 10, 2016 - The lead plaintiff filed an amended consolidated complaint.
March 28, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
February 16, 2016 - Lead plaintiff motions were filed.
December 17, 2015 - An investor in shares of Nimble Storage Inc (NYSE: NMBL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Nimble Storage Inc in connection with certain allegedly false and misleading statements made between May 27, 2015 and November 19, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Nimble Storage Inc (NYSE: NMBL) common shares between May 27, 2015 and November 19, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 27, 2015 and November 19, 2015 defendants issued allegedly false and misleading statements and/or failed to disclose adverse material information regarding the Company's business and prospects, including that Nimble Storage Inc was being negatively impacted by intense competition from well-entrenched, large competitors who were slashing prices in order to maintain market share, that Nimble Storage Inc had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market, and that due to this change in sales strategy and the intense price competition, Nimble Storage Inc was losing sales in both sales channels.
The plaintiff alleges that as a result of these allegedly false statements and/or omissions, Nimble Storage Inc stock traded at artificially inflated prices between May 27, 2015 and November 19, 2015, reaching as high as $31.60 per share, and enabling certain Company insiders to collectively sell more than 1.12 million shares of their personally held Nimble Storage Inc common stock at artificially inflated prices for gross proceeds in excess of $31.4 million.
On December 13, 2013, Nimble Storage Inc (NYSE: NMBL) stock traded as high as $35.13, the day the Company sold 8.0 million shares of stock in its initial public stock offering (the “IPO”), raising $168 million in new capital.
On February 26, 2015, Nimble Storage Inc reported its financial results for its fourth quarter and fiscal year 2015. Nimble Storage Inc reported that its Total Revenue rose from $125.73 million for the 12 months period that ended on January 31, 2014 to $227.67 million for the 12 months period that ended on January 31, 2015 while its Net Loss increased for those respective time periods from $43.12 million to $98.85 million.
On November 19, 2015, Nimble Storage Inc announced its third quarter 2016 results and provided its outlook for the fourth quarter of fiscal 2016. Shares of Nimble Storage Inc (NYSE: NMBL) declined to a slow as $9.97 per share on November 20, 2015.