NEW YORK, July 29, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Diebold Nixdorf, Incorporated ("Diebold" or the "Company") (DBD) of the September 3, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Diebold stock or options between May 4, 2017 and July 4, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/DBD. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Diebold securities between May 4, 2017 and July 4, 2017 (the "Class Period"). The case, Karp v. Diebold Nixdorf, Incorporated et al., No. 19-cv-06180 was filed on July 2, 2019, and has been assigned to Judge Loretta A. Preska.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was experiencing delays in systems rollouts negatively impacting the Company’s services business and operations.
On July 5, 2017, Diebold issued a press release titled "Diebold Nixdorf Adjusts 2017 Financial Outlook". The press release disclosed that the Company expected a wider net loss than indicated in its prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss. Diebold attributed the lowered expectations to a delay in systems rollouts as well as a longer customer decision-making process and order-to-revenue conversion cycle.
On this news, Diebold's share price fell from $28.00 per share on July 3, 2017 to a closing price of $21.60 on July 5, 2017: a $6.40 or a 22.86% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Diebold's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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