NEW YORK, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Carbonite, Inc. (NASDAQ: CARB) and NetApp, Inc. (NASDAQ: NTAP). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Carbonite, Inc. (NASDAQ: CARB)
Class Period: February 7, 2019 to July 25, 2019
Lead Plaintiff Deadline: September 30, 2019
The complaint, filed on August 1, 2019, alleges that throughout the Class Period defendants issued materially false and misleading statements regarding the technological quality of the Server Backup VM Edition and its potential to add “meaningfully” to Carbonite’s financial performance for fiscal 2019. Specifically, defendants failed to disclose that: (i) Carbonite’s Server Backup VM Edition was of poor quality and technologically flawed; (ii) Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition; (iii) the poor quality and technological flaws of the Server Backup VM Edition was acting as a “disruptive” factor throughout the Carbonite salesforce and keeping that sales organization from closing opportunistically on several larger deals during fiscal 2019; and (iv) as a result of the foregoing, Carbonite lacked any reasonable basis for issuing its positive projections and financial forecasts.
Finally, on July 25, 2019, Carbonite announced that it was withdrawing its Server Backup VM Edition product from the marketplace and consequently dramatically lowered its financial projections for fiscal 2019 and 2020. That same day, the strongest proponent and supporter of Server Backup VM Edition, Defendant Ali, announced he was leaving Carbonite. On this news, Carbonite stock declined more than 24%, from $23.90 per share when the market closed on July 25, 2019, to $18.01 per share when the market closed on July 26, 2019, on extremely heavy trading volume.
For more information about the Carbonite class action go to: https://bespc.com/CARB
NetApp, Inc. (NASDAQ: NTAP)
Class Period: May 22, 2019 to August 1, 2019
Lead Plaintiff Deadline: October 15, 2019
On August 1, 2019, the company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Moreover, the company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.
On this news, the company’s share price fell $11.67 per share, to close at $46.04 per share on August 2, 2019.
The complaint, filed on August 14, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the company’s revenue would be materially impacted; (3) that, as a result, the company would lower its fiscal 2020 guidance; and (4) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the NetApp class action go to: https://bespc.com/NTAP
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the NetApp class action please go to https://bespc.com/NTAP. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.