Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Nutanix, Inc. (NASDAQ: NTNX) securities.
If you suffered a loss on your Nutanix investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Nov 30 2017 - May 30 2019
CASE DETAILS:
This securities fraud class action arises from misrepresentations and omissions made by Defendants during the class period intended to misrepresent and/or conceal from investors Nutanix’s rapidly declining sales pipeline and revenue. Among other things, Defendants: 1) knowingly concealed from investors that Nutanix’s purported strong sales hiring was woefully inadequate because a large portion of the Company’s hiring was to replace sales representatives who were leaving, rather than growing the sales force needed to achieve targeted revenue growth; 2) made the undisclosed decision to keep critical spending for lead generation activities “flat” so that Nutanix could divert those funds to the research and development of its public cloud product; and 3) told investors that Nutanix had “experienced record sales productivity”, despite their knowledge to the contrary.
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