A lawsuit was filed on behalf of investors in Nimble Storage Inc (NYSE:NMBL) shares over alleged securities laws violations and NYSE:NMBL investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/27/2016 -- An investor, who purchased shares of Nimble Storage Inc (NYSE:NMBL), filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Nimble Storage Inc in connection with certain allegedly false and misleading statements made between May 27, 2015 and November 19, 2015.
Investors who purchased shares of Nimble Storage Inc (NYSE:NMBL) have certain options and for certain investors are short and strict deadlines running. Deadline: February 15, 2016. NYSE:NMBL investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that between May 27, 2015 and November 19, 2015 defendants issued allegedly false and misleading statements and/or failed to disclose adverse material information regarding the Company's business and prospects, including that Nimble Storage was being negatively impacted by intense competition from well-entrenched, large competitors who were slashing prices in order to maintain market share, that 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 that due to this change in sales strategy and the intense price competition, Nimble Storage was losing sales in both sales channels
The plaintiff alleges that as a result of these allegedly false statements and/or omissions, Nimble Storage stock traded at artificially inflated prices between May 27, 2015 and November 19, 2015, reaching as high as $31.60 per share, and enabling certain Company insiders to collectively sell more than 1.12 million shares of their personally held Nimble Storage common stock at artificially inflated prices for gross proceeds in excess of $31.4 million.
On December 13, 2013, Nimble Storage Inc (NYSE:NMBL) stock traded as high as $35.13, the day the Company sold 8.0 million shares of stock in its initial public stock offering (the "IPO"), raising $168 million in new capital.
On February 26, 2015, Nimble Storage Inc reported its financial results for its fourth quarter and fiscal year 2015. Nimble Storage Inc reported that its Total Revenue rose from $125.73 million for the 12 months period that ended on January 31, 2014 to $227.67 million for the 12 months period that ended on January 31, 2015 while its Net Loss increased for those respective time periods from $43.12 million to $98.85 million.
On November 19, 2015, Nimble Storage Inc announced its third quarter 2016 results and provided its outlook for the fourth quarter of fiscal 2016. Shares of Nimble Storage Inc (NYSE:NMBL) declined to a slow as $9.97 per share on November 20, 2015.
Those who purchased shares of Nimble Storage Inc (NYSE:NMBL) have certain options and should contact the Shareholders Foundation.
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