The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of NetApp, Inc. (NASDAQGS: NTAP) who purchased shares between May 22, 2019 and August 1, 2019. 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 NetApp lawsuit alleges that (1) the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) as a result, the Company’s revenue would be materially impacted; (3) as a result, the Company would lower its fiscal 2020 guidance; and (4) 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.
Shareholders have until October 15, 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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