BALA CYNWYD, PA / ACCESSWIRE / October 14, 2019 / Law office of Brodsky & Smith, LLC reminds investors of the October 15, 2019 deadline to file to be a lead plaintiff regarding claims against NetApp, Inc. ("NetApp" or the "Company") (Nasdaq - NTAP - News) for possible breaches of Federal Securities law.
The Class Period commences on May 22, 2019, when NetApp announced fourth quarter and full year 2019 financial results.
According to the filed complaint, on August 1, 2019, NetApp reported preliminary first quarter 2020 net revenue between $1.22 and $1.23 billion, below previous guidance between $1.315 to $1.465 billion, and earnings per share between $0.30 and $0.35, below previous guidance between $0.56 and $0.64. Additionally, NetApp lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year. Following this news, NetApp's share price fell as much as $11.67, or over 20%, to close at $46.04 per share on August 2, 2019.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) NetApp was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) as a result, NetApp's revenue would be materially impacted; (3) as a result, NetApp would lower its fiscal 2020 guidance; and (4) as a result of the foregoing, the defendants' positive statements about NetApp's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of NetApp between May 22, 2019 and August 1, 2019 and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is October 15, 2019. You may contact Marc Ackerman, Esquire or Jordan Schatz, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590. For additional information, please go to http://www.brodskysmith.com/cases/netapp-inc-nasdaq-ntap/.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC