NEW YORK, Aug. 15, 2019 — Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all investors that purchased Pivotal Software, Inc. (NYSE: PVTL) securities between April 24, 2019 and June 4, 2019 (the “Class Period”) and/or pursuant or traceable to Pivotal’s April 2018 Initial Public Offering (“IPO”). Investors have until August 19, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The complaint, filed on June 21, 2019, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the company’s public statements were materially false and misleading at all relevant times.
On June 4, 2019, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that “sales execution and a complex technology landscape impacted the quarter.” Wedbush Securities analyst Daniel Ives called the quarter a “train wreck” and characterized the company’s operating results as “disastrous,” asserting that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”
If you purchased Pivotal shares during the Class Period or traceable to the IPO, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Pivotal class action please go to https://bespc.com/pvtl. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.