Forescout Technologies, Inc. (NASDAQ: FSCT) Investor Securities Class Action Lawsuit 01/02/2020

If you purchased a significant amount of shares of Forescout Technologies, Inc. (NASDAQ: FSCT) between February 7, 2019 and October 9, 2019, and / or if you purchased any NASDAQ: FSCT shares prior to February 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 2, 2020. NASDAQ: FSCT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Forescout Technologies
Case Name: 
Forescout Technologies Shareholder Class Action Lawsuit 01/02/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: FSCT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/02/2020
Class Period Begin: 
02/07/2019
Class Period End: 
10/09/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/02/2020
Summary: 

An investor in shares of Forescout Technologies, Inc. (NASDAQ: FSCT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Forescout Technologies, Inc. in connection with certain allegedly false and misleading statements made between February 7, 2019 and October 9, 2019.

San Jose, CA based Forescout Technologies, Inc. provides network security products in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Forescout Technologies, Inc. reported that its annual Total Revenue rose from $224.4 million in 2017 to $297.65 million in 2018 and that iots Net Loss declined from $80.72 million in 2017 to $74.83 million in 2018.

On February 7, 2019, after the market close, Forescout Technologies, Inc announced its Fiscal Year 2018 financial results emphasizing a “record number of new customer additions,” “strong international growth,” and “large expansion deals.”

However, on October 10, 2019, Forescout Technologies, Inc announced its “preliminary” 3Q 2019 financial results, substantially lowering its projected revenue and earnings, pointing to deals that were “no longer expected to close during the fourth quarter, due to customer environmental dynamics, that elongated deal cycles.”

Shares of Forescout Technologies, Inc. (NASDAQ: FSCT) dropped from $39.92 per share on October 4, 2019 to as low as $24.51 per share on October 10, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Forescout Technologies, Inc. (NASDAQ: FSCT) common shares between February 7, 2019 and October 9, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 7, 2019 and October 9, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa, that the foregoing was reasonably likely to have a material negative impact on the Company’s financial results, and that as a result of the foregoing, defendants’ statements about its business and operations were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.