A lawsuit was filed on behalf of investors in Nutanix, Inc. (NASDAQ:NTNX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/02/2023 -- An investor, who purchased NASDAQ: NTNX shares, filed a lawsuit against Nutanix, Inc. over alleged Securities Laws violations.
Investors who purchased shares of Nutanix, Inc. (NASDAQ: NTNX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 13, 2023. NASDAQ: NTNX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
San Jose, CA based Nutanix, Inc. provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. On March 6, 2023, Nutanix, Inc. issued a press release stating that "Company management discovered that certain evaluation software from one of its third-party providers was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period." The Company further stated that "As a result, the Company has not provided financial information regarding expenses in its second quarter fiscal 2023 preliminary results, or in its outlook for the third quarter or full fiscal year 2023."
Shares of Nutanix, Inc. (NASDAQ: NTNX) declined from $33.73 per share on December 14, 2022, to $23.85 per share on March 13, 2023.
On March 16, 2023, Nutanix, Inc. announced that, on March 15, 2023, "the Company received a standard notification letter from Nasdaq stating that, because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended January 31, 2023, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the [Securities and Exchange Commission]."
The plaintiff claims that between September 21, 2021 and March 6, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Company maintained deficient internal controls relating to its use of licensed software and expense management, that as a result of these deficiencies, the Company improperly used third-party evaluation software for business purposes over a multi-year period, that investigation and remediation of the foregoing—i.e., by paying vendors the full cost to use their software for business purposes—would cause the Company to incur significant expenses, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Nutanix, Inc. (NASDAQ: NTNX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.