NTNX SHAREHOLDER NOTICE: Hagens Berman Encourages Nutanix (NTNX) Investors with Substantial Losses to Contact Firm’s Attorneys, Securities Fraud Class Action Pending
News provided byACCESSWIRE
May 26, 2023, 1:00 PM ET
SAN FRANCISCO, CA / ACCESSWIRE / May 26, 2023 / Hagens Berman urges Nutanix, Inc. (NASDAQ:NTNX) investors who suffered substantial losses to submit your losses now.
Class Period: Sept. 21, 2021 - Mar. 6, 2023
Lead Plaintiff Deadline: June 13, 2023
Contact An Attorney Now: NTNX@hbsslaw.com
Nutanix, Inc. (NTNX) Securities Fraud Class Action:
According to the complaint, Defendants made false and misleading statements and failed to disclose that: (1) Nutanix maintained deficient internal controls related to its use of licensed software and expense management; (2) as a result of these deficiencies, it improperly used third-party evaluation software for business purposes over a multi-year period; and (3) investigation and remediation of the foregoing by paying vendors the full cost to use their software would result in the company incurring significant expenses.
Investors began to learn the truth on Mar. 6, 2023, when Nutanix abruptly announced that it would not timely file its quarterly financial report for the quarter ended Jan. 31, 2023. The company explained that its Audit Committee, with the assistance of outside counsel, is "conducting an investigation following Company management's discovery that certain evaluation software from one of the Company's third-party providers was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period." Nutanix also revealed that "[i]t is likely that additional costs would be incurred to address the additional use of the software."
This news sent the price of Nutanix shares sharply lower on Mar. 7, 2023.
"We're focused on investors' losses and proving that Nutanix cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Nutanix and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Nutanix should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NTNX@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
NOTE: This content is not written by or endorsed by "KLAS", its advertisers, or Nexstar Media Inc.