Alteryx, Inc. Class Action Lawsuit

Case Summary

Company Name
Alteryx, Inc.
Stock Symbol
Class Period
May 6, 2020 to August 6, 2020
Central District of California

The Alteryx, Inc. class action lawsuit charges Alteryx and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Alteryx publicly traded securities between May 6, 2020 and August 6, 2020, inclusive (the “Class Period”).  The Alteryx class action lawsuit was commenced on August 19, 2020 in the Central District of California and is captioned Smith v. Alteryx, Inc., No. 20-cv-01540.

Alteryx is a data analytics company that offers a subscription-based platform for customers to access, prepare, and analyze data from a multitude of sources, then deploy and share analytics at scale to make data-driven decisions.

The Alteryx class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Alteryx was unable to close large deals within the quarter and deals had been pushed out to subsequent quarters or downsized; (ii) as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (iii) as a result, due to the nature of adoption licenses, Alteryx’s revenue was reasonably likely to decline; and (iv) as a result of the foregoing, defendants’ positive statements about Alteryx’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 6, 2020, Alteryx issued a press release announcing its second quarter 2020 financial results, including disappointing growth projections for the third quarter and full year 2020.  In the press release, Alteryx stated that for the third quarter it expected revenue “to be in the range of $111.0 million to $115.0 million, an increase of 7% to 11% year-over-year.” Moreover, for fiscal year 2020, Alteryx expected revenue “to be in the range of $460.0 million to $465.0 million, an increase of 10% to 11% year-over-year.”  On this news, Alteryx’s share price fell more than 28%.  Alteryx’s stock price continued to decline over the next trading session by 10%.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

Class Period: May 6, 2020 - August 6, 2020
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