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CST: 12/11/2019 02:14:14   

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Carbonite, Inc. (CARB)

48 Days ago

LOS ANGELES, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 30, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Carbonite, Inc. (“Carbonite” or the “Company”) (NASDAQ: CARB) investors who purchased securities between February 7, 2019 and July 25, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On July 25, 2019, after the market closed, the Company reported revenue of $121.5 million for second quarter 2019 due to “challenges in parts of [its] data protection business.” Moreover, the Company reduced its full year revenue guidance from a range of $457 to $471 million, to a range of $443.5 to $448.5 million. The Company’s Chief Executive Officer, Mohamad Ali, resigned.

On this news, shares of Carbonite fell as much as 25% in intraday trading on July 26, 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) that Carbonite’s Server Backup VM Edition was of poor quality and technologically flawed; (2) that Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition; (3) that the poor quality and technological flaws of the Server Backup VM Edition were acting as a “disruptive” factor throughout the Carbonite salesforce and keeping that sales organization from closing opportunistically on several larger deals during fiscal 2019; and (4) that as a result, defendants’ public statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased or otherwise acquired Carbonite securities during the Class Period you may move the Court no later than September 30, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.  If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

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