SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Apigee Cor...
April 13 2016 - 11:00AM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Apigee
Corporation (NASDAQ:APIC)?
- Did you purchase your shares pursuant and/or traceable
to the initial public offering on or about April 24,
2015?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint has been filed in the Superior Court of the State of
California, County of San Mateo, on behalf of all persons or
entities that purchased the common stock of Apigee Corporation
(“Apigee” or the “Company”) (NASDAQ:APIC) pursuant or traceable to
its initial public offering (“IPO”) commenced on or about April 24,
2015, alleging violations of the Securities Exchange Act of 1933
against the Company, the sponsors of the IPO, and certain of the
Company’s officers (the “Complaint”).
If you purchased shares of Apigee in connection
with its IPO, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky
& Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE
19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/apigee-corporation-apic.
The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company’s business,
operations and prospects. As a result of defendants’ alleged
false and misleading statements, the Company’s stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, the documents filed
in connection with the IPO contained materially false and
misleading statements and/or failed to disclose that: (1) Apigee
faced direct competition from Amazon, upon whose platform Apigee’s
entire cloud infrastructure was running, and who was preparing to
compete against Apigee for potential new customers, particularly
potential new customers who were already using Amazon’s new
technology stack; (2) Apigee’s 2Q 2015 revenues of just $17 million
had included an “unusually large transaction” of $5.9 million from
just one customer which had comprised approximately 35% of that
quarter’s revenues and was not repeating going forward; (3)
Apigee’s 4Q 2014 billings of just $21.7 million had included $8.6
million from three very large deal that had comprised a full 39% of
that quarter’s revenues and were not repeating going forward; (4)
lowered demand for Apigee’s product offerings was requiring the
Company to scale back on its direct sales efforts and to focus more
of its efforts on selling through channel partners such as
Accenture and SAP; (5) as a result of the foregoing, Apigee was
experiencing lowered billings; and (6) as a result, at the time of
the IPO, the Company’s business and financial prospects were not
what defendants had led the market to believe they were in the
Registration Statement.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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