World News: 22:06 GMT Wednesday 12th June 2019. [Law Offices of Howard G. Smith via Globe Newswire via SPi World News]
BENSALEM, Pa., June 12, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Box, Inc. (“Box” or the “Company”) (NYSE: ) securities between inclusive (the “Class Period”). Box investors have untilto file a lead plaintiff motion.
Investors suffering losses on their Box investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to .
On February 27, 2019, the Company reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals.
On this news, the Company’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019, thereby injuring investors.
Then on June 3, 2019, the Company lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals.
On this news, the Company’s share price fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter; (2) that, as a result, the Company’s revenue would be materially impacted; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Box, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to , or visit our website at .
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Globe Newswire: 22:06 GMT Wednesday 12th June 2019
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