Settlement of Carrie Scheufele, Jeffrey Scheufele and Nicholas Oram v. Tableau Software, Inc., Christian Chabot, Thomas Walker, Patrick Hanrahan and Christopher Stolte
Civil Action No. 1:17-cv-05753-JGK
The parties have reached a settlement of this action, which was pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $95,000,000 for the benefit of eligible Class Members. Lead Plaintiff The Plumbers and Pipefitters National Pension Fund alleged Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements and/or failing to disclose adverse information regarding Tableau Software, Inc.’s (“Tableau” or the “Company”) business and operations, including that product launches and upgrades by major software competitors were negatively impacting the Company’s competitive position and profitability. Lead Plaintiff alleges that as a result of Defendants’ false statements and/or omissions, Tableau Class A common stock traded at artificially inflated prices. Lead Plaintiff further alleges that when the true facts regarding the effect of competition on Tableau’s growth and outlook for profitability were revealed, that artificial inflation was removed from the price of Tableau Class A common stock, causing the price to drop and damaging Members of the Class.
The Class consists of all Persons who purchased or otherwise acquired Tableau publicly traded Class A common stock during the Class Period. Excluded from the Class are: (i) Defendants; (ii) members of the immediate family of any Defendant who is an individual; (iii) any person who was an officer or director of Tableau during the Class Period; (iv) any firm, trust, corporation, or other entity in which any Defendant has or had a controlling interest; (v) Tableau’s employee retirement and benefit plan(s) and their participants or beneficiaries, to the extent they made purchases through such plan(s); and (vi) the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any such excluded Person. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely excluded himself, herself, or itself therefrom.
The settlement was approved by the Court on September 17, 2021.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.