SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/imperva/) today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Imperva, Inc. (“Imperva”) (NYSE:IMPV) publicly traded securities during the period between May 2, 2013 and April 9, 2014 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/imperva/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Imperva and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Imperva provides data security solutions focused on providing visibility and control over business data across systems within the data center.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations and business and its financial results. As a result of defendants’ false statements, Imperva securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $65.53 per share on March 6, 2014, and the Company’s top officers and directors were able to sell $25.9 million worth of their Imperva stock at inflated prices, including $11.8 million worth of stock sold by the Chief Executive Officer and the Chief Financial Officer.
On April 9, 2014, the Company issued a press release announcing its preliminary first quarter 2014 financial results. The Company reported preliminary total revenue in the range of $31.0 to $31.5 million, which was below the Company’s prior guidance of $36.0 to $37.0 million for the first quarter of 2014. Additionally the Company reported an expected net loss per share in the range of $(0.40) to $(0.44), below its prior guidance of $(0.33) to $(0.37) and a $(0.35) consensus estimate. The Company blamed “‘extended sales cycles on deals over $100,000,’” especially in the U.S., and stated that “‘intensifi[ed] competition for large orders’” and sales execution issues contributed to the lengthy sales cycles. As a result of this news, Imperva’s stock plummeted $21.73 per share to close at $28 per share on April 10, 2014, a one-day decline of nearly 44% on volume of 10.9 million shares.
Plaintiff seeks to recover damages on behalf of all purchasers of Imperva publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in ten offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.