HENDERSONVILLE, TN / ACCESSWIRE / June 27, 2019 / The Law Offices of Timothy L. Miles announces that investors filed a class action complaint against Nutanix, Inc. (NTNX) for alleged violations of the Securities Exchange Act of 1934 pursuant to March 2, 2018 and February 28, 2019. Nutanix is an enterprise cloud platform provider.
Nutanix Accused of Misleading Investors
According to the complaint, Nutanix executives repeatedly reassured investors of the company's pipeline strategy by noting the development and growth of its global sales force in various filings and conference calls. However, Nutanix failed to disclose that it had reallocated lead generation spending to other priorities. This decision caused a large disruption in Nutanix's sales execution, which negatively impacted Nutanix's sales pipeline and sales growth. On February 28, 2019, Nutanix announced its second quarter fiscal 2019 results and reported third quarter guidance that was below analysts' expectations. Management acknowledged that "inadequate marketing spend for pipeline generation and slower than expected sales hiring" were the reasons for the weak guidance. Additionally, Nutanix acknowledged that, despite earlier contrary assertions, its product portfolio was in "chaos." On this news, Nutanix's stock price fell $16.39 per share, more than 32%, to close at $33.70 per share on March 1, 2019, and now trades at approximately $26.
Concerned shareholders who would like to learn more about their right and potential remedies may contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address and telephone number.
About Timothy L. Miles
Timothy L. Miles has dedicated his career to representing shareholders in complex class-action litigation and has lead the fight to protect shareholder rights for over 17 years. Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
SOURCE: The Law Offices of Timothy L. Miles
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