A lawsuit was filed on behalf of investors in Box Inc (NYSE: BOX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/17/2019 -- An investor in shares of Box Inc (NYSE: BOX), filed a lawsuit over alleged Securities Laws violations by Box Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Box Inc (NYSE: BOX) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2019. NYSE: BOX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On February 27, 2019, the Company reported fourth quarter and fully year financial results. Box Inc reported that its Total Revenue rose from $506.14 million for the 12 months period that ended on January 31, 2018 to $608.38 million for the 12 months period that ended on January 31, 2019 and that its Net Loss over those respective time periods declined from $154.96 million to $134.61 million.
Box Inc's fourth quarter revenue fell below investors' expectations, citing longer sales cycles for seven-figure deals.
Then on June 3, 2019, Box Inc (NYSE: BOX) 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, thereby injuring investors further.
The plaintiff claims that between November 28, 2018 and June 3, 2019, the Defendants failed to disclose to investors that the Company was unable to close large deals within the quarter, that, as a result, the Company's revenue would be materially impacted, and 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.
Those who purchased shares of Box Inc (NYSE: BOX) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
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.