NEW YORK, Feb. 21, 2020 — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against HP Inc. (“HP” or the “Company”) (NYSE: HPQ) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of HP between February 23, 2017 to October 3, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for HP investors under the federal securities laws.
The Complaint Defendants made false and/or misleading statements and/or failed to disclose that material adverse information. Specifically the Complaint alleges that: (1) HP falsely highlighted that the four-box model was an accurate, reliable tool to determine demand and revenue in its Supplies business, and reassured investors that, based on the four-box model, HP had a “clear line of sight to supply stabilization”; (2) Defendants repeatedly made false and misleading statements to investors about the reliability of its four-box model and the revenue growth of the Supplies business, touting their “continued confidence in the predictive value of the four box model” and stating that its “Supplies revenue is in line with the expectations that we set, and that our 4-box model continues to drive predictability”; and (3) and as a result, HP common stock traded at artificially inflated prices during the Class Period.
Investors who purchased or otherwise acquired shares of HP during the Class Period should contact the Firm prior to the April 20, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
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