Case Page

 

Case Status:    DISMISSED    
On or around 10/31/2017 (Other)

Filing Date: December 17, 2015

According to the law firm press release, Defendant Nimble Storage provides flash-optimized storage platforms.

The complaint alleges that throughout the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse material information regarding the Company's business and prospects, including that Nimble Storage was being negatively impacted by intense competition from well-entrenched, large competitors who were slashing prices in order to maintain market share, that Nimble Storage had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market, and that due to this change in sales strategy and the intense price competition, Nimble Storage was losing sales in both sales channels. As a result of these false statements and/or omissions, Nimble Storage stock traded at artificially inflated prices during the Class Period, reaching as high as $31.60 per share, and enabling certain Company insiders to collectively sell more than 1.12 million shares of their personally held Nimble Storage common stock at artificially inflated prices for gross proceeds in excess of $31.4 million.

On November 19, 2015, after the close of the markets, Nimble Storage issued a press release announcing its financial results for the fiscal third quarter of 2016, the period ending October 31, 2015. For the quarter, the Company reported total revenue of $80.7 million, non-GAAP gross margin of 66.9%, a non-GAAP operating loss of $10.8 million or negative 13% of revenue, and a GAAP net loss of $28.6 million, or $0.36 per basic and diluted share.

In reaction to these announcements, on November 20, 2015, the price of Nimble Storage common stock fell $10.34 per share, or 51%, to close at $10.05 per share, on heavy trading volume.

On March 28, 2016, the Court issued an Order consolidating cases, appointing Lead Plaintiff, and approving Lead Counsel. A consolidated complaint was filed on June 10, followed by a corrected version of that complaint on July 15.

On December 9, 2016, the Court granted Defendants' Motion to Dismiss with leave to amend. An amended complaint was filed on January 20, 2017.

On May 10, 2017, the Court granted Defendants' Motion to Dismiss with leave to amend. An amended complaint was filed on June 12, 2017. A corrected version of this complaint was filed on June 29.

On October 2, 2017, the Court dismissed this case with prejudice. A Notice of Appeal of this decision was filed on October 30.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Storage Devices
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NMBL
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 #: 15-CV-05803
JUDGE: Hon. Yvonne Gonzalez Rogers
DATE FILED: 12/17/2015
CLASS PERIOD START: 05/27/2015
CLASS PERIOD END: 11/19/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.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 #: 15-CV-05803
JUDGE: Hon. Yvonne Gonzalez Rogers
DATE FILED: 06/29/2017
CLASS PERIOD START: 11/25/2014
CLASS PERIOD END: 11/19/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (San Francisco)
    425 California Street, Suite 2100, Berman DeValerio (San Francisco), CA 94104
    415.433.3200 415.433.3200 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
No Document Title Filing Date