NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased VMware, Inc. (NYSE: VMW) securities between March 30, 2019 and February 27, 2020 (the “Class Period”). Investors have until June 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On February 27, 2020, VMware filed a Current Report on Form 8-K with the SEC, disclosing an SEC investigation into the Company’s backlog of unfilled orders. Specifically, that Form 8-K advised investors that “[i]n December 2019, the staff of the Enforcement Division of the [SEC] requested documents and information related to VMware’s backlog and associated accounting and disclosures.” The Form 8-K also advised investors that, although “VMware is fully cooperating with the SEC’s investigation,” it was “unable to predict the outcome of this matter at this time.”
On this news, VMware’s stock price fell $15.11 per share, or 11.14%, to close at $120.52 per share on February 28, 2020.
The complaint, filed on March 31, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) VMware’s reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased VMware securities during the Class Period, are a long-term stockholder, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.