According to the Complaint, NetApp Inc. provides a range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation.

The Complaint alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company’s revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On November 12, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 24, 2020. Defendants filed a Motion to Dismiss the amended Complaint on March 26. On February 1, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On February 22, 2021, Plaintiff filed a notice of intention not to file an amended Complaint, and on February 26, the case was dismissed with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on March 26. The appeal was voluntarily dismissed on August 2.

On August 6, 2021, the parties notified the Court that a Stipulation of Settlement was being drafted and that a motion for preliminary approval of the settlement would be filed within 45 days. On September 21, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on May 3, 2022. On September 1, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On December 8, 2022, the Court issued an Order authorizing distribution of the Settlement funds.

On July 18, 2023, the Court issued an Order releasing attorney's fees, reimbursing the claims administrator for unpaid fees and expenses, and donating the balance of the Settlement fund to the cy pres recipient.