Nimble Storage has been hit with some bad news regarding its stock in the past few months. While the stock hadn’t been performing great to begin with (the stock opened at $34.90 and is now trading for under $7.00), the third quarter results didn’t help. Now to add insult to injury, Nimble is being hit with a few class action lawsuits over its stock performance.
Nimble Storage has been hit with some bad news regarding its stock in the past few months. While the stock hadn’t been performing great to begin with (the stock opened at $34.90 and is now trading for under $7.00), the third quarter results didn’t help. Now to add insult to injury, Nimble is being hit with a few class action lawsuits over its stock performance.
Image courtesy of Yahoo Finance
Suing a company over its stock performance seems like a good way to recoup a loss (there are a few poor decisions that I’ve made in the last decade I wish I could get back), alas we can’t. However these lawsuits allege that Nimble mislead investors by not disclosing how competition from the larger players could negatively impact the stock performance. The suits further allege that Nimble chose to refocus its sales, which in turn hurt the stock performance. The allegation of two of the lawsuits are quoted below:
“To: All persons or entities who purchased or otherwise acquired securities of Nimble Storage, Inc. ("Nimble Storage") (NMBL) between May 27, 2015 and November 19, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Northern District of California. If you purchased or otherwise acquired Nimble Storage securities between May 27, 2015 and November 19, 2015, your rights may be affected by this action. To get more information go to: http://zlk.9nl.com/nimble-storage or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that Defendants failed to disclose that: (1) Nimble Storage was being negatively impacted by intense competition from well-entrenched, large competitors who were slashing prices in order to maintain market share; (2) Nimble Storage had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market; and (3) due to this change in sales strategy and the intense price competition, Nimble Storage was losing sales in both channels.
If you suffered a loss in Nimble Storage you have until on or around February 16, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com
SOURCE: Levi & Korsinsky, LLP”
“The Complaint alleges that Defendants failed to disclose that: (1) Nimble Storage was being negatively impacted by intense competition from well-entrenched, large competitors who were slashing prices in order to maintain market share, (2) Nimble Storage had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market, and (3) due to this change in sales strategy and the intense price competition, Nimble Storage was losing sales in both sales channels. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Nimble Storage you have until February 15, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC”
These new lawsuits come on the heels of the Supreme Courts ruling that make it a little more difficult for companies to get out of class actions lawsuits by settling with individual plaintiffs (Campbell-Ewald Co. v. Gomez, No. 14-857). Whether the plaintiffs will succeed or not is yet to be seen, however Nimble will most likely take a future beating from the lawsuits existing. Nimble’s outlook isn’t certain but it is looking grim at the moment.
Nimble Storage Investor Relations
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