Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Forescout Technologies, Inc. who purchased shares between February 7, 2019 and October 9, 2019.
Forescout and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 10, 2019, pre-market, the Company announced its 3Q2019 results including a decrease revenue guidance from between $98.8M – $101.8M down to $90.6M – $91.6M, citing “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in [Europe, the Middle East, and Africa].”
On this news, the price of Forescout’s shares plummeted over 37%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 2, 2020 to request that the court appoint them lead plaintiff.