LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Nimble Storage, Inc. ("Nimble Storage" or the "Company") (NYSE: NMBL) between May 27, 2015 and November 19, 2015, inclusive (the "Class Period"). Injured investors are encouraged to contact Lesley Portnoy of GPM at 310-201-9150 to discuss their legal rights.
On November 19, 2015, the Company issued a press release announcing its third quarter 2015 results. Nimble Storage reported a non-GAAP operating loss of $10.8 million and a GAAP net loss of $28.6 million. The Company attributed the poor results to a “shift in investment from commercial to enterprise business” that impacted the Company’s commercial revenue growth more than anticipated.
On this news, Nimble Storage shares fell $10.34 per share, or 51%, to close at $10.05 per share on November 20, 2015, thereby injuring investors. Company executives, directors and other insiders profited through the sale of their shares to an unsuspecting market, immediately prior to the November 19, 2015 disclosure that the Company would not meet its sales projections. To wit in the last 3 months insiders sold 12,689,285 Nimble Storage shares while they affirmed their projections.
According to the complaint, the Company failed to disclose that: (1) Nimble Storage was being negatively impacted by intense competition from strong competitors who were reducing prices in order to maintain market share, (2) Nimble Storage had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market, and (3) due to this change in sales strategy and the intense price competition, Nimble Storage was losing sales in both sales channels.
Nimble Storage investors have until February 15, 2016 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. If you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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