Nutanix, Inc. Class Action Lawsuit - NTNX
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The Nutanix class action lawsuit seeks to represent purchasers or acquirers of Nutanix, Inc. (NASDAQ: NTNX) securities between September 21, 2021 and March 6, 2023, inclusive (the “Class Period”). Captioned Gorsline v. Nutanix, Inc., No. 23-cv-01827 (N.D. Cal.), the Nutanix class action lawsuit charges Nutanix and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Nutanix class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Nutanix class action lawsuit must be filed with the court no later than June 13, 2023.
CASE ALLEGATIONS: Nutanix purports to provide a leading enterprise cloud platform, Nutanix Cloud Platform, that consists of software solutions and cloud services that power its customers’ enterprise infrastructure.
The Nutanix class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Nutanix maintained deficient internal controls relating to its use of licensed software and expense management; (ii) as a result of these deficiencies, Nutanix improperly used third-party evaluation software for business purposes over a multi-year period; and (iii) investigation and remediation of the foregoing – i.e., by paying vendors the full cost to use their software for business purposes would cause Nutanix to incur significant expenses.
On March 6, 2023, Nutanix announced selected primary second quarter 2023 financial results and reported that Nutanix management “discovered that certain evaluation software from one of its third-party providers was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period,” and that “it is likely that additional costs would be incurred to address the additional use of the software.” Nutanix also reported that it would not be able to timely file its quarterly report for the quarter ended January 31, 2023. On this news, the price of Nutanix stock fell nearly 8%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Nutanix securities during the Class Period to seek appointment as lead plaintiff of the Nutanix class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Nutanix class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Nutanix class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Nutanix class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.