A lawsuit was filed on behalf of investors in Pivotal Software, Inc. (NYSE: PVTL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/24/2019 -- An investor, who purchased shares of Pivotal Software, Inc. (NYSE: PVTL), filed a lawsuit over alleged violations of Federal Securities Laws by Pivotal Software, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Pivotal Software, Inc. (NYSE: PVTL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 19, 2019. NYSE: PVTL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
San Francisco, CA based Pivotal Software, Inc., together with its subsidiaries, provides a cloud-native application platform and services in the United States. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying, and operating cloud-native and modern applications. In April 2018, Pivotal Software, Inc commenced the initial public offering ("IPO"), issuing over 42 million shares of Pivotal common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement, raising more than $638 million in gross proceeds.
On June 4, 2019, Pivotal Software, Inc. reported its financial and operating results for the first quarter of 2019. Wedbush analyst Daniel Ives called the quarter a "train wreck" and characterized the Company's deferred revenue and billings numbers as "disastrous". He further asserted that Pivotal'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)."
The plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) 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and the industry's sentiment shifted away from Pivotal's principal products because the Company's products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Pivotal Software, Inc. (NYSE: PVTL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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