September 14, 2020 - The case was dismissed.
July 21, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
March 27, 2020 - A motion to dismiss the consolidated amended complaint was filed.
February 11, 2020 - A consolidated amended complaint was filed.
June 20, 2019 - An investor in shares of Pivotal Software, Inc. (NYSE: PVTL) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Pivotal Software, Inc. in connection with certain allegedly false and misleading statements made between April 24, 2018 and June 4, 2019.
San Francisco, CA based Pivotal Software, Inc., together with its subsidiaries, provides a cloud-native application platform and services in the United States. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying, and operating cloud-native and modern applications. In April 2018, Pivotal Software, Inc commenced the initial public offering (“IPO”), issuing over 42 million shares of Pivotal common stock to the investing public at $15.00 per share, all pursuant to the Registration Statement, raising more than $638 million in gross proceeds.
On June 4, 2019, Pivotal Software, Inc. reported its financial and operating results for the first quarter of 2019. Wedbush analyst Daniel Ives called the quarter a “train wreck” and characterized the Company’s deferred revenue and billings numbers as “disastrous”. He further asserted that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”
Shares of Pivotal Software, Inc. (NYSE: PVTL) declined to $10.10 per share on June 5, 2019.
According to the complaint the plaintiff alleges on behalf of purchasers of Pivotal Software, Inc. (NYSE: PVTL) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.