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 Anaplan Inc. (“Anaplan” or the “Company”) (NYSE: PLAN) common stock between November 21, 2019 and February 26, 2020, inclusive (the “Class Period”). Anaplan investors have until October 23, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Anaplan 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.
On February 27, 2020, Anaplan reported billings of $126 million for fourth quarter 2019, representing a growth rate of 25%, which was well below consensus estimates and roughly half of the Company’s historical growth rates of 46% to 59%. The Company attributed the shortfall to the inability to close some large deals at the end of the quarter due to certain “management changes.”
On this news, the Company’s share price fell $14.06 per share, or 25%, to close at $44.03 per share on February 27, 2020, 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) that the Company was undergoing sales organization and execution challenges; (2) that these organizational challenges were causing the Company to miss on closing very important large deals; and (3) that, as a result, Anaplan’s financial guidance for “calculated billings growth” was baseless and unattainable.
If you purchased Anaplan common stock, 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 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.
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