NEW YORK, June 24, 2019 /PRNewswire/ -- Bernstein Liebhard
LLP, a nationally acclaimed investor rights law firm, announces
that a securities class action lawsuit has been filed on behalf of
those who acquired Pivotal Software, Inc. shares ("Pivotal,"
"PVTL" or the "Company") (NYSE: PVTL) between April 24, 2018 and June 4,
2019, inclusive (the "Class Period"). The lawsuit was
filed in the United States
District Court for the Northern District of California to recover damages for Pivotal
investors under the Securities Act of 1933 and the Securities
Exchange Act of 1934.
If you purchased Pivotal securities, and/or would like to
discuss your legal rights and options please visit Pivotal
Software Inc. PVTL Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period,
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Company's products were outdated, inadequate, and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, post-market,
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 cycle 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)."
On this news, Pivotal's stock price fell $7.65 per share, or over 40%, to close at
$10.89 per share on June 5, 2019, far below the initial public
offering price of $15 per share.
If you purchased PVTL securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/pivotalsoftwareinc-pvtl-lawsuit-class-action-fraud-stock-148/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff in the class action, you
must move the court no later than August 19,
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 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.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/pvtl-class-action-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-pivotal-software-inc--pvtl-300873049.html
SOURCE Bernstein Liebhard LLP