Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Pivotal Software, Inc.

BENSALEM, Pa.--()--Law Offices of Howard G. Smith reminds investors of the upcoming August 19, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Pivotal Software, Inc. (“Pivotal Software” or the “Company”) (NYSE: PVTL) investors who purchased (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 howardsmith@howardsmithlaw.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 the Registration Statement was false and misleading and omitted to state material adverse facts. 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 during the Class Period you may move the Court no later than August 19, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Release Summary

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Pivotal Software, Inc

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Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com