Preliminary Settlement Reached in Nutanix, Inc. Actions
Published February 8, 2023
On February 6, 2023, the parties reach a preliminary agreement to settle two related actions, In re Nutanix, Inc. Securities Litigation, Case No. 3:19-cv-01651-WHO (the “Stock Case”) and John P. Norton, on Behalf of the Norton Family Living Trust UAD 11/15/2002 v. Nutanix, Inc., et. al., Case No. 3:19-cv-04080-WHO (the “Options Case”) providing for the payment of $71 million to eligible class members. Lead Plaintiff of the Stock Case, California Ironworkers Field Pension Trust, and Lead Plaintiff of the Options Case, John P. Norton, alleged violations of §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 based on false and misleading misstatements that the company made that allegedly concealed from shareholders its rapidly declining sales pipeline, revenue, and billings.