U.S. Markets closed

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against NetApp, Inc. (NTAP)

BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith reminds investors of the upcoming October 15, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased NetApp, Inc. (“NetApp” or the “Company”) (NASDAQ: NTAP) securities between May 22, 2019 and August 1, 2019, inclusive (the “Class Period”).

Investors suffering losses on their NetApp investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On August 1, 2019, after the market closed, the Company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Additionally, the Company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.

On this news, the Company’s share price fell as much as $11.67, or over 20%, to close at $46.04 per share on August 2, 2019, thereby injuring investors.

The complaint filed in this class action alleges 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 made false and/or misleading statements and/or failed to disclose: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company’s revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; 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.

If you purchased NetApp securities during the Class Period you may move the Court no later than October 15, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20190823005322/en/