PHILADELPHIA–(BUSINESS WIRE)–Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Pivotal Software, Inc. (NYSE: PVTL) (“Pivotal” or the “Company”) on behalf of investors who purchased shares of the Company’s common stock between April 24, 2018 and June 4, 2019, inclusive (the “Class Period”).
Pivotal investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or by email at [email protected], to discuss this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/pivotal-software-inc/.
As detailed in the shareholder complaint, on June 4, 2019, Pivotal reported financial and operational results for the first quarter of fiscal 2020, and disclosed to investors that “sales execution and a complex technology landscape impacted the quarter.” Notably, a Wedbush Securities analyst characterized the Company’s quarterly operating results as “disastrous,” and asserted that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”
Following this news, shares of Pivotal’s stock fell from $18.54 per share to $10.89 per share, a decline of $7.65 per share, or over 40% in value, on heavy trading volume.
IMPORTANT DEADLINE: Investors who purchased Pivotal’s stock during the Class Period may, no later than August 19, 2019, seek to be appointed as a lead plaintiff representative in the action.
Pivotal investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.