SAN DIEGO, Sept. 15, 2020 (GLOBE NEWSWIRE) -- National law firm Barr Law Group is investigating the actions of the officers and board of directors of Nutanix, Inc., Maxar Technologies Inc., Align Technology, Inc., and Inogen, Inc. If you are a current owner of shares of any of these stocks, contact firstname.lastname@example.org or call (619) 400-4966.
Nutanix, Inc. (NASDAQ: NTNX) Accused of Misleading Investors
On September 11, 2020, Judge William H. Orrick of the United States District Court for the Northern District of California issued an order denying the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. According to the complaint against Nutanix, Inc. (NASDAQ: NTNX) for alleged violations of the Securities Exchange Act of 1934 between March 2, 2018 and February 28, 2019, Nutanix executives repeatedly reassured investors of the company’s pipeline strategy by noting the development and growth of its global sales force in various filings and conference calls. However, Nutanix failed to disclose that it had reallocated lead generation spending to other priorities. This decision caused a large disruption in Nutanix’s sales execution, which negatively impacted Nutanix’s sales pipeline and sales growth. On February 28, 2019, Nutanix announced its second quarter fiscal 2019 results and reported third quarter guidance that was below analysts’ expectations. Management acknowledged that “inadequate marketing spend for pipeline generation and slower than expected sales hiring” were the reasons for the weak guidance. Additionally, Nutanix acknowledged that, despite earlier contrary assertions, its product portfolio was in “chaos.” On this news, Nutanix’s stock price fell $16.39 per share, more than 32%, to close at $33.70 per share on March 1, 2019. The stock is currently trading around $24 a share.
Maxar Technologies Inc. (NYSE: MAXR) Accused of Misleading Investors
On September 11, 2020, Judge William J. Martínez of the United States District Court for the District of Colorado issued an order granting in part and denying in part the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. According to the complaint, in October 2017, MacDonald, Dettwiler and Associated Ltd. purchased DigitalGlobe and acquired DigitalGlobe’s satellites, including the WorldView-4 satellite, and rebranded itself as Maxar. In March 2018, Maxar announced a contract to build a satellite called AMOS-8, touting the contract as a win. A few months later, on August 7, 2018, Spruce Point Capital Management issued a report questioning Maxar’s financial statements and alleging that “Maxar’s balance sheet [was] inflated with goodwill and overcapitalized intangible assets,” estimating an impairment in intangible assets in the hundreds of millions of dollars. Then, in September 2018, Maxar revealed the loss of its AMOS-8 contract. In October 2018, the Company disclosed $345.9 million in impairment losses and $37.7 million impairment charges related to its GeoComm business. In addition to these disclosures, on January 7, 2019, Maxar announced its WorldView-4 “[would] no longer produce useable energy” because it had lost stability.
Align Technology, Inc. (NASDAQ: ALGN) Accused of Misleading Investors
On September 9, 2020, Judge Lucy H. Koh of the United States District Court for the Northern District of California issued an order granting in part and denying in part the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between July 25, 2018 and October 24, 2018, Align’s President and CEO Joe Hogan stated that the company’s 37.5% year-over-year revenue growth was due to momentum from Invisalign doctors and increased adoption of Invisalign treatment for teenage patients. Hogan further touted that Invisalign’s customer base was over 50,000 for the first time and included more than 5,000 Invisalign-trained doctors. However, Align’s higher discounts to promote Invisalign were negatively impacting the company’s revenue. On October 24, 2018, Align reported that its Invisalign average selling price had declined from $1,315 to $1,230 and that its Chief Marketing Officer would reduce his responsibilities and transition to a part-time position. On this news, Align’s stock fell over 20% on October 25, 2018.
Inogen, Inc. (NASDAQ: INGN) Accused of Misleading Investors
On September 2, 2020, Judge Fernando M. Olguin of the United States District Court for the Central District of California issued an order denying the defendants’ motion to dismiss in the pending securities class action, paving the way for litigation to proceed. The complaint alleges that the company had discovered potential accounting matters, prompting an internal investigation by the Audit Committee and independent advisors to determine if any of the company’s accounting policies were violated. The complaint further alleges that Inogen made false and misleading statements and/or failed to disclose material information regarding the accuracy of its financial statements and the effectiveness of its disclosure control and internal controls over financial reporting.
Concerned shareholders are encouraged to contact Leo Kandinov to learn more:
Barr Law Group is a boutique law firm consisting of highly experienced and specialized litigators who represent investors in securities litigation and corporate governance matters. The firm would be happy to further discuss this matter, and any legal rights or remedies potentially available to you, at no charge.
Attorney Advertising. Past results do not guarantee a similar outcome.