The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Dropbox, Inc. (NASDAQGS: DBX) who purchased Class A common stock pursuant or traceable to registration statement issued in connection with the Company’s March 23, 2018 initial public offering. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Dropbox lawsuit alleges that (1) Dropbox had materially overstated its ability to monetize its user base; (2) Dropbox was facing worsening revenue trends, which were negatively impacting the Company at the time of the initial public offering ("IPO"); (3) Dropbox was tracking below its internal revenue and monetization targets at the time of the IPO; and (4) as a result, defendants’ statements about Dropbox’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until December 3, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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