NEW YORK, Aug. 15, 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 shareholders that purchased or acquired shares of NetApp,
Inc. ("NetApp" or the "Company") (NASDAQ: NTAP) between
May 22, 2019 and August 1, 2019, inclusive (the "Class Period").
The lawsuit filed in the United
States District Court for the Northern District of
California seeks to recover
damages for NetApp investors under the Securities Exchange Act of
1934.
If you purchased NetApp securities, and/or would like to
discuss your legal rights and options please visit NTAP
Shareholder Class Action 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 October 15, 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.
The complaint filed in this class action 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.
On August 1, 2019, after the
market closed, 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. Additionally, 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 as much as
$11.67, or over 20%, to close at
$46.04 per share on August 2, 2019, on unusually heavy trading
volume.
If you purchased NetApp securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/netapp-inc-171/apply or contact
Matthew E. Guarnero toll free at
(877) 779-1414 or MGuarnero@bernlieb.com.
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
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ntap-class-action-deadline-bernstein-liebhard-llp-announces-that-a-securities-class-action-has-been-filed-against-netapp-inc-300902545.html
SOURCE Bernstein Liebhard LLP