BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Pivotal Software, Inc. (“Pivotal Software” or the “Company”) (NYSE: PVTL) (1) common stock pursuant or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Pivotal Software’s April 2018 initial public offering (the “Offering” or “IPO”); and/or (2) securities between April 24, 2018 and June 4, 2019, both dates inclusive (the “Class Period”). Pivotal Software investors have until August 19, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Pivotal Software investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
In April 2018, Pivotal Software completed its initial public offering (“IPO”) in which it sold more than 42 million shares of its common stock at $15.00 per share.
On June 4, 2019, after the market closed, the Company conveyed its first quarter 2019 financial and operating results, which were negatively impacted by “sales execution and a complex technology landscape.” Also, Wedbush Securities analyst Daniel Ives asserted in addition to the “disastrous” operating results, that the Company’s management team, “does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”
On this news, the Company’s share price fell $7.65, or more than 41%, to close at $10.89 per share on June 5, 2019, thereby injuring investors.
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 failed to disclose to investors: (1) Pivotal was facing major problems with its sales execution and a complex technology landscape; (2) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal Software’s principal products because the Company's products were outdated, inadequate, and incompatible with the industry-standard platform; and (3) that, as a result of the foregoing, Defendants’ positive statements about the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.
If you purchased shares of Pivotal Software, have information, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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