DBX DECEMBER 3, 2019, CLASS ACTION DEADLINE: Bernstein Liebhard LLP Reminds Investors of the December 3, 2019, Deadline to Fi...
December 02 2019 - 12:22PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a lead plaintiff
motion in a securities class action that has been filed on behalf
of investors that purchased or acquired the securities of Dropbox,
Inc. ("Dropbox" or the "Company") (NASDAQ: DBX) in connection with
the Company's IPO on March 23, 2018. The lawsuit filed in the
United States District Court for the Northern District of
California alleges violations of the Securities Exchange Act of
1933.
If you purchased Dropbox securities, and/or would like to
discuss your legal rights and options please visit Dropbox
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the 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 failed to disclose to investors: (1) Dropbox had
materially overstated its ability to monetize its user base; (2)
Dropbox was facing worsening revenue trends that were negatively
impacting the Company at the time of the IPO; (3) Dropbox was
tracking below its internal revenue and monetization targets at the
time of the IPO; and (4) as a result, defendants statements about
Dropbox's business, operations, and prospects were materially false
and misleading and/or lacked a reasonable basis at all relevant
times.
On August 27, 2019, Dropbox stock closed at $17.53 per share,
representing a decline of more than 16% from the IPO price.
Shockingly, in connection with its second quarter 2019 earnings
report, Dropbox still claimed to have “more than 500 million
registered users” as of June 2019, indicating that the Company had
experienced essentially no significant registered user growth since
December 31, 2017 — months prior to the IPO
If you purchased Dropbox securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/dropboxinc-dbx-shareholder-class-action-lawsuit-fraud-stock-196/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than December 3, 2019. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn’t require that you serve as lead plaintiff. If you choose to
take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005818/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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