INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Carbonite, Inc. & En...
21 Settembre 2019 - 2:00AM
Business Wire
The law firm of Kirby McInerney LLP reminds investors that a
class action lawsuit has been filed in the U.S. District Court of
Massachusetts on behalf of those who acquired Carbonite, Inc.
(“Carbonite” or the “Company”) (NASDAQ: CARB) securities during the
period from February 7, 2019 to July 25, 2019 (the “Class Period”).
Investors have until September 30, 2019 to apply to the Court to be
appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) Carbonite’s Server Backup VM Edition was of poor quality and
technologically flawed; (ii) Carbonite was receiving poor reviews
and complaints from customers about the Server Backup VM Edition;
and (iii) the poor quality and technological flaws of the Server
Backup VM Edition were acting as a “disruptive” factor throughout
the Carbonite salesforce and keeping that sales organization from
closing opportunistically on several larger deals during fiscal
2019.
On July 25, 2019, after the market closed, the Company reported
revenue of $121.5 million for second quarter 2019 due to
“challenges in parts of [its] data protection business.” Moreover,
the Company reduced its full year revenue guidance from a range of
$457 to $471 million, to a range of $443.5 to $448.5 million. The
Company’s Chief Executive Officer, Mohamad Ali, resigned. On this
news, shares of Carbonite fell $5.89, or 24.6%, to close at $18.01
on July 26, 2019.
If you acquired Carbonite securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190920005489/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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