NEW YORK--(BUSINESS WIRE)--Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Dropbox, Inc. ("Dropbox" or the "Company") (NASDAQ: DBX) in connection with the Company's IPO on March 23, 2018. The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1933.
If you purchased Dropbox securities, and/or would like to discuss your legal rights and options please visit Dropbox Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout the 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) Dropbox had materially overstated its ability to monetize its user base; (2) Dropbox was facing worsening revenue trends that were negatively impacting the Company at the time of the IPO; (3) Dropbox was tracking below its internal revenue and monetization targets at the time of the IPO; and (4) as a result, defendants statements about Dropbox's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 27, 2019, Dropbox stock closed at $17.53 per share, representing a decline of more than 16% from the IPO price. Shockingly, in connection with its second quarter 2019 earnings report, Dropbox still claimed to have “more than 500 million registered users” as of June 2019, indicating that the Company had experienced essentially no significant registered user growth since December 31, 2017 — months prior to the IPO
If you purchased Dropbox securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/dropboxinc-dbx-shareholder-class-action-lawsuit-fraud-stock-196/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than December 3, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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