U.S. Markets closed

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against ChinaCache, Kingstone Companies, Zuora, and Pivotal Software and Encourages Investors to Contact the Firm

NEW YORK, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of ChinaCache International Holdings Ltd. (CCIH), Kingstone Companies, Inc. (KINS), Zuora, Inc. (ZUO), and Pivotal Software, Inc. (PVTL). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

ChinaCache International Holdings, Ltd. (CCIH)

Class Period: April 10, 2015 to May 17, 2019

Lead Plaintiff Deadline: August 12, 2019

The complaint, filed on June 12, 2019, alleges that on April 29, 2019 ChinaCache filed a Form NT 20-F with the U.S. Securities and Exchange Commission revealing that it would delay filing its annual report for fiscal year 2018.  On May 17, 2019, ChinaCache announced that the Company and its Chief Executive Officer and Chairman of the Board of Directors (“Chairman”), Song Wang (“Wang”), were under criminal investigation by a government prosecutor office in Beijing for charges of enterprise bribery.  Wang resigned as CEO and Chairman, and on that same day, ChinaCache securities were halted from trading on the NASDAQ.

Further, on May 23, 2019, ChinaCache said that it received a NASDAQ Notification Letter, three days earlier on May 20, 2019, because it failed NASDAQ listing requirements by delaying its 2018 Form NT 20-F (the "NASDAQ Letter").  The NASDAQ Letter also probed the company regarding the resignation of its auditor, Grant Thornton China, ChinaCache’s engagement of its new auditor, and the allegations of enterprise bribery by ChinaCache and Wang.  To date, ChinaCache securities remain halted, and consequently ChinaCache securities are essentially valueless.

For more information on the ChinaCache class action, go to: https://bespc.com/ccih.

Kingstone Companies (KINS)

Class Period: March 14, 2018 to April 29, 2019

Lead Plaintiff Deadline: August 12, 2019

The complaint, filed on June 12, 2019, 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 did not adequately follow industry best practices related to claims handling; (2) that, as a result, the Company did not record sufficient claims reserves; (3) that the Company lacked adequate internal control over financial reporting; and (4) 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.

For more information on the Kingstone class action, go to: https://bespc.com/KINS-2.

Zuora, Inc. (ZUO)

Class Period: April 12, 2018 to May 30, 2019

Lead Plaintiff Deadline: August 13, 2019

The complaint, filed on June 14, 2019, 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 would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; (2) that, as a result, the Company lacked adequate resources to integrate RevPro with the core business; (3) that the Company would focus on RevPro integration a year after the acquisition closed; (4) that delays in integrating RevPro would materially impact the business; (5) that the market for RevPro was limited to customers seeking to implement new accounting standards such as ASC 606; (6) that, after the deadline for ASC 606 compliance passed, demand for RevPro was reasonably likely to decline; and (7) 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.

To learn more about the Zuora class action, go to: https://bespc.com/ZUO.

Pivotal Software, Inc. (PVTL)

Class Period: Securities pursuant or traceable to Pivotal’s April 2018 initial public offering (“IPO”) and/or securities purchased or acquired between April 24, 2019 and June 4, 2019 (the “Class Period”).

Lead Plaintiff Deadline: August 19, 2019

The complaint, filed on June 21, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: Specifically, 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. On June 4, 2019, post-market, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that "sales execution and a complex technology landscape impacted the quarter." Wedbush Securities analyst Daniel Ives called the quarter a "train wreck" and characterized the Company's operating results as "disastrous," asserting 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)." On this news, Pivotal's stock price fell $7.60.

To learn more about the Pivotal Software class action, go to: https://bespc.com/PVTL-2.

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation.  For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com