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 Nutanix, Inc. who purchased shares between September 21, 2021 and March 6, 2023.
Nutanix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 6, 2023, the Company disclosed that it did not expect to be able to timely file its 10-Q Report for the quarter ended January 31, 2023 due to an ongoing Audit Committee investigation into “certain evaluation software from one of its third-party providers [being] instead used for interoperability testing, validation and customer proofs of concept over a multiyear period,” which would likely result in additional costs being incurred to pay for the use of the software beyond the scope of its intended evaluation usage.
On this news, shares of Nutanix fell $2.27 per share, or 7.89%, to close at $26.50 per share on March 7, 2023.
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 June 13, 2023 to request that the court appoint them lead plaintiff.