NEW YORK, July 16, 2019 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP reminds investors that approximately 2 weeks remain to make a motion for lead plaintiff in a securities class action lawsuit filed on behalf of those who purchased or acquired the securities of Box Inc. (“Box” or the “Company”) (NYSE: BOX) from November 28, 2018, to June 3, 2019 (the “Class Period”). The lawsuit alleges claims under the Securities Exchange Act of 1934 and seeks to recover Box shareholders’ investment losses.
If you purchased Box securities, and/or would like to discuss your legal rights and options please visit Box Inc. Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter; (2) that, as a result, the Company’s revenue would be materially impacted; and (3) 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.
On February 27, 2019, the Company reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals. On this news, the Company’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019, on unusually heavy trading volume.
On June 3, 2019, after the market closed, the Company lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals.
On this news, the Company’s share price fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2019. 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 Box securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/boxinc-box-shareholder-class-action-fraud-stock-144/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
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.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP
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