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Case Status:    SETTLED
On or around 09/01/2017 (Ongoing date of last review)

Filing Date: April 11, 2014

According to the law firm press release, Imperva provides data security solutions focused on providing visibility and control over business data across systems within the data center.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s operations and business and its financial results. As a result of defendants’ false statements, Imperva securities traded at artificially inflated prices during the Class Period, with its stock price reaching a high of $65.53 per share on March 6, 2014, and the Company’s top officers and directors were able to sell $25.9 million worth of their Imperva stock at inflated prices, including $11.8 million worth of stock sold by the Chief Executive Officer and the Chief Financial Officer.

On April 9, 2014, the Company issued a press release announcing its preliminary first quarter 2014 financial results. The Company reported preliminary total revenue in the range of $31.0 to $31.5 million, which was below the Company’s prior guidance of $36.0 to $37.0 million for the first quarter of 2014. Additionally the Company reported an expected net loss per share in the range of $(0.40) to $(0.44), below its prior guidance of $(0.33) to $(0.37) and a $(0.35) consensus estimate. The Company blamed “‘extended sales cycles on deals over $100,000,’” especially in the U.S., and stated that “‘intensifi[ed] competition for large orders’” and sales execution issues contributed to the lengthy sales cycles. As a result of this news, Imperva’s stock plummeted $21.73 per share to close at $28 per share on April 10, 2014, a one-day decline of nearly 44% on volume of 10.9 million shares.

On August 7, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel.

On September 17, 2015, the Court issued an Order granting Defendants' motion to dismiss, with leave to amend.

On August 30, 2017, the parties entered into a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IMPV
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 14-CV-01680
JUDGE: Hon. Phyllis J. Hamilton
DATE FILED: 04/11/2014
CLASS PERIOD START: 05/02/2013
CLASS PERIOD END: 04/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 14-CV-01680
JUDGE: Hon. Phyllis J. Hamilton
DATE FILED: 10/10/2014
CLASS PERIOD START: 05/02/2013
CLASS PERIOD END: 04/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date