NEW YORK, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Anaplan Inc. (“Anaplan” or the “Company”) (NYSE: PLAN) between November 21, 2019 and February 26, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Northern District of California alleges violations of the Securities Exchange Act of 1934
If you purchased Anaplan securities, and/or would like to discuss your legal rights and options please visit Anaplan Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (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
On February 27, 2020, the Company announced that, 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%.
On this news Anaplan’s stock price dropped 25% in one day, falling from $58.09 to $44.03 wiping out almost $2 billion in market cap.
If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Anaplan securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/anaplaninc-plan-shareholder-class-action-lawsuit-stock-fraud-301/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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