On or around 03/16/2016 (Court's order of dismissal)
Filing Date: May 01, 2015
According to the law firm press release, the lawsuit alleges MobileIron and certain of its officers and directors issued materially false and misleading statements about the Company’s true financial condition and prospects. Specifically, on April 22, 2015, MobileIron lowered its first quarter of 2015 revenue guidance to $32 - $33 million from its prior revenue guidance of $34 - $37 million. The Company attributed the revision to a shift in customers utilizing MobileIron’s subscription based services. On this news, shares of MobileIron fell $2.39 per share or over 25% from its previous closing price to close at $7.11 per share on April 23, 2015, damaging investors.
On February 22, 2016, the Court issued an Order granting the Motion to Dismiss. Plaintiffs were given leave to amend their complaint. Plaintiffs did not amend their complaint and rather stipulated to a dismissal of this case on March 11.
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