Shareholder Alert: Robbins LLP Announces ForeScout Technologies, Inc. (FSCT) Sued for Misleading Shareholders
January 03 2020 - 11:49AM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of ForeScout Technologies, Inc. (NASDAQ: FSCT) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 between February 7, 2019 and October 9, 2019.
ForeScout provides network security products to various regions
around the world.
If you suffered a loss as a result of ForeScout's misconduct,
click here.
ForeScout Technologies, Inc. (FSCT) Accused of Misleading
Shareholders
According to the complaint, in February 2019, ForeScout issued a
press release that provided fiscal full year 2019 ("FY19") revenue
guidance of $363.1 million to $373.1 million, representing
year-over-year growth of 24%. Then, in May 2019, ForeScout raised
its FY19 revenue guidance to $365.3 million to $375.3 million. When
asked about "deal slippage" the Company was facing, ForeScout
assured analysts that "every one of those deals is still in
pipeline… [ForeScout] [has] a high degree of confidence [the deals]
close for the year…they've just slipped a little bit" and ended by
stating "there's still plenty of pipeline to deliver upon the
guidance [ForeScout has] given you for the full year." Contrary to
these assurances, on October 10, 2019, ForeScout announced
disappointing third quarter 2019 financial results that lowered the
quarter's revenue guidance to $90.6 million to $91.6 million from
$98.8 million to $101.8 million, revealing that the Company was
experiencing a material impact from the significant volatility it
was facing in closing its large deals. On this news, ForeScout's
stock price fell $14.63 per share, or more than 37%, to close at
$24.57 per share.
ForeScout Technologies, Inc. (FSCT) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200103005288/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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