Pluralsight, Inc. (NASDAQ: PS) Investor Securities Class Action Lawsuit 08/13/2019

If you purchased a significant amount of shares of Pluralsight, Inc. (NASDAQ: PS) between August 2, 2018 and July 31, 2019, and / or if you purchased any NASDAQ: PS shares prior to August 2018 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: PS 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): 
Pluralsight
Case Name: 
Pluralsight Shareholder Class Action Lawsuit 08/13/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: PS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/13/2019
Class Period Begin: 
08/02/2018
Class Period End: 
07/31/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/15/2019
Summary: 

An investor in shares of Pluralsight, Inc. (NASDAQ: PS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Pluralsight, Inc. in connection with certain allegedly false and misleading statements made between August 2, 2018 and July 31, 2019.

Pluralsight, Inc. completed its initial public offering (“IPO”) in May 2018, whereby it sold 23.8 million shares at a price of $15.00 per share. Less than a year later, Pluralsight completed a secondary public offering (“SPO”) on March 6, 2019, whereby it sold 15.6 million shares at a price of $29.25 per share, for gross proceeds of over $450 million.

On July 31, 2019, after the market closed, Pluralsight, Inc. reported billings for second quarter 2019 of $80.6 million, below the expected $89.1 million, due to certain “sales execution challenges.” Shares of Pluralsight, Inc. (NASDAQ: PS) declined to as low as $15.48 per share on August 15, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Pluralsight, Inc. (NASDAQ: PS) common shares between August 2, 2018 and July 31, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 2, 2018 and July 31, 2019, the Pluralsight, Inc. failed to disclose that it was experiencing substantial delays in hiring and properly training the salesforce necessary to meet its lofty billing projections. In addition, Pluralsight, Inc. allegedly knew at the time of the SPO that it was behind schedule onboarding new sales representatives, which was hurting the Company’s sales execution and preventing Pluralsight from meeting its high growth projections. Instead of disclosing such facts at the time of the SPO, and to cash-out at inflated prices, Defendants intentionally obscured and omitted this pertinent information from investors.