NEW YORK, April 18, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased the securities of Nutanix, Inc. (“Nutanix” or the “Company”) (NASDAQ: NTNX) between September 21, 2021 and March 6, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company maintained deficient internal controls relating to its use of licensed software and expense management; (ii) as a result of these deficiencies, the Company 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 the Company to incur significant expenses.
On March 6, 2023, the Company 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.
Investors who purchased or otherwise acquired shares of Nutanix should contact the Firm prior to the June 13, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com .
Please visit our website at http://www.gme-law.com for more information about the firm.