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DEADLINE ALERT: Bragar Eagel & Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Anaplan, Inc. and Encourages Investors to Contact the Firm

Bragar Eagel & Squire
·3 mins read

NEW YORK, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased Anaplan, Inc. (NYSE: PLAN) common stock between November 21, 2019 and February 26, 2020 (the “Class Period”). Investors have until October 23, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

On February 27, 2020, the Company announced that, although it slightly exceeded revenue guidance for the quarter ($98.2mm versus $97.5mm estimate), which grew at rate of 42% year-over-year, its calculated billings for the fourth quarter fell far short of expectations. Specifically, billings were only $126 million, representing a growth rate of 25%, which was well below consensus estimates of $138 million, and roughly half of the Company’s historical growth rates of 46% to 59%, and far less than the Company’s rate of revenue growth of over 40%.

In response to this shocking disclosure, that was in stark contrast to the management’s previous statement that the calculated billings growth rate would track the revenue growth rate, Anaplan’s stock price plummeted 25% in a single day, falling from $58.09 to $44.03, wiping out almost $2 billion in market capitalization. Financial news source Barron’s attributed the stock price decline to the slowing billings growth with an article titled “Anaplan stock plunges on concerns about slowing billings growth.”

The complaint, filed on August 24, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was undergoing sales organization and execution challenges; (2) these organizational challenges were causing the Company to miss on closing very important large deals; and (3) as a result, Anaplan’s financial guidance for “calculated billings growth” was baseless and unattainable. Further, while in possession of this material non-public information, Anaplan insiders dumped approximately $30 million worth of Anaplan stock at artificially inflated prices.

If you purchased Anaplan common stock during the Class Period and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

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