Kessler topaz meltzer & check, llp announces deadline in securities fraud class action lawsuit filed against netapp, inc
Kessler topaz meltzer & check, llp reminds netapp, inc. investors that a securities fraud class action lawsuit has been filed on behalf of those who purchased or otherwise acquired netapp securities between may 22, 2019 and august 1, 2019. investors who purchased netapp securities during the class period may, no later than october 15, 2019, seek to be appointed as a lead plaintiff representative of the class. the class period commences on may 22, 2019, when netapp announced fourth quarter and full year 2019 financial results. according to the complaint, on august 1, 2019, after the market closed, netapp reported preliminary first quarter 2020 net revenue between $1.22 and $1.23 billion, below previous guidance between $1.315 to $1.465 billion, and earnings per share between $0.30 and $0.35, below previous guidance between $0.56 and $0.64. additionally, netapp lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year. following this news, netapp’s share price fell as much as $11.67, or over 20%, to close at $46.04 per share on august 2, 2019. the complaint alleges that, throughout the class period, the defendants failed to disclose to investors that: (1) netapp was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) as a result, netapp’s revenue would be materially impacted; (3) as a result, netapp would lower its fiscal 2020 guidance; and (4) as a result of the foregoing, the defendants’ positive statements about netapp’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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