Alteryx, Inc. Class Action Lawsuit
- 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%.
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