NetApp, Inc. (NASDAQ: NTAP) Investor Securities Class Action Lawsuit 08/15/2019

If you purchased a significant amount of shares of NetApp, Inc. (NASDAQ: NTAP) between May 22, 2019 and August 1, 2019, and / or if you purchased any NASDAQ: NTAP shares prior to May 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 15, 2019. NASDAQ: NTAP 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): 
NetApp
Case Name: 
NetApp Shareholder Class Action Lawsuit 08/15/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: NTAP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/15/2019
Class Period Begin: 
05/22/2019
Class Period End: 
08/01/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/15/2019
Summary: 

An investor in shares of NetApp, Inc. (NASDAQ: NTAP) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by NetApp, Inc. in connection with certain allegedly false and misleading statements made between May 22, 2019 and August 1, 2019.

Sunnyvale, CA based NetApp, Inc. provides software, systems, and services to manage and share data on-premises, and private and public clouds worldwide. NetApp, Inc. reported that its Total Revenue rose from over $5.91 billion for the 12 months period that ended on April 27, 2018 to over $6.14 billion for the 12 months period that ended on April 26, 2019 and that its Net Income increased over those respective time periods from $116 million to over $1.16 billion.

Shares of NetApp, Inc. (NASDAQ: NTAP) grew from $20.66 per share in early 2016 to as high as $87.44 per share in August 2018.

On August 1, 2019, NetApp, Inc reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, which was below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, which was below the average estimate of $1.39 billion. NetApp, Inc also lowered its 2020 outlook, and stated it expected net revenue to decline between 5% and 10% year-over-year.

Shares of NetApp, Inc (NASDAQ: NTAP) declined to as low as $44.55 per share on August 14, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of NetApp, Inc. (NASDAQ: NTAP) common shares between May 22, 2019 and August 1, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 22, 2019 and August 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized, that the Company's revenue would be materially impacted, that the Company would lower its fiscal 2020 guidance, and that as a result, NetApp’s public statements were materially false and misleading at all relevant times