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Nutanix, Inc. (NASDAQ: NTNX) Investor Securities Class Action 03/29/2019

  • If you purchased shares of Nutanix, Inc. (NASDAQ: NTNX), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Nutanix, Inc.
Security
NASDAQ: NTNX

Case Name
Nutanix Shareholder Class Action 03/29/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

September 11, 2020 - The court denied the defendants' motion to dismiss.

May 22, 2020 - A motion to dismiss the second amended complaint was filed.

April 17, 2020 - A second amended complaint was filed.

March 9, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

October 24, 2019 - A motion to dismiss the consolidated complaint was filed.

September 9, 2019 - A consolidated complaint was filed.

March 29, 2019 - An investor in shares of Nutanix, Inc. (NASDAQ: NTNX) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Nutanix, Inc. in connection with certain allegedly false and misleading statements made between March 2, 2018 and February 28, 2019.

San Jose, CA based Nutanix, Inc., together with its subsidiaries, develops and provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. Nutanix, Inc. reported that its Total Revenue rose from $845.9 million for the 12 months period that ended on July 31, 2017 to over $1.15 billion for the 12 months period that ended on July 31, 2018 and that its Net Loss over those respective periods declined from $379.63 million to $297.16 million. Shares of Nutanix, Inc. (NASDAQ: NTNX) grew from $14.38 per share in May 2017 to as high as $64.17 per share in June 2018.

On February 28, 2019, Nutanix announced its second quarter fiscal 2019 results and reported third quarter guidance that was below analysts' expectations. Management acknowledged that inadequate marketing spend for pipeline generation and slower than expected sales hiring were the reasons for the weak guidance.

On March 1, 2019, Nutanix, Inc reported a loss of 23 cents per share for its fiscal second quarter of 2019. Additionally, Nutanix, Inc lowered guidance for the third quarter of fiscal 2019; revenues are projected between $290 million and $300 million versus consensus estimate for revenues of $347.3 million. Shares of Nutanix, Inc. (NASDAQ: NTNX) declined to as low as $32.52 per share on March 4, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Nutanix, Inc. (NASDAQ: NTNX) common shares between March 2, 2018 and February 28, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that beginning on March 2, 2018, Nutanix, Inc and its senior executives made repeated statements that Nutanix was investing heavily in growth while maintaining high profit margins. The plaintiff alleges that Nutanix senior officers, including its Chief Revenue Officer, took advantage of false statements by selling Nutanix common stock at inflated prices.