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CST: 17/04/2021 13:02:14   

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Pivotal Software, Inc.

613 Days ago

LOS ANGELES, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) 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.

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.

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.

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

If you purchased or otherwise acquired Pivotal Software securities during the Class Period you may move the Court no later than August 19, 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.

Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224

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