Market Overview

July 23rd Deadline Alert: Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Micro Focus International plc (MFGP)

Share:

National securities litigation law firm Glancy
Prongay & Murray LLP
("GPM") reminds investors of the July
23, 2018
deadline to file a lead plaintiff motion in the class
action filed on behalf of investors that purchased Micro Focus
International plc ("Micro Focus" or the "Company") (NYSE: MFGP)
American Depository Shares ("ADSs") in connection with the merger of
Micro Focus and Hewlett Packard Enterprise Company ("HPE"), which closed
on September 1, 2017 ("the Merger"), or between September 1,
2017 and May 23, 2018
, inclusive (the "Class Period"). Micro Focus
investors have until July 23, 2018 to file a lead plaintiff
motion.

If you are a shareholder who suffered a loss, click here
to participate.

Investors suffering losses on their Micro Focus investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.

On March 19, 2018, Micro Focus announced the resignation of its Chief
Executive Officer and disclosed that the Company was lowering its
constant currency revenue guidance for the twelve months ending October
31, 2018 to a range of minus 6% to minus 9% compared to the 12 months
ending October 31, 2017. On this news, Micro Focus' share price fell
nearly 50% on March 19, 2018, thereby injuring investors.

The Complaint filed in this class action alleges that the Company made
false and misleading statements regarding the Company's business,
operational and compliance policies. Specifically, the complaint alleges
that the Company failed to disclose that HPE was experiencing
significant and global customer account disruptions due to its de-merger
with Hewlett Packard. HPE and Micro Focus were also suffering from
employee attrition, which negatively impacted Micro Focus's revenue
trend and operational abilities. Micro Focus's revenue trends were
worsening and on pace to miss expectations in the market for its interim
results reported for the six months ending on October 31, 2017. The
Company was also suffering from sales execution problems in North
America. HPE did not have key assets like a loyal customer base, key
personnel, or operational capabilities to justify its purchase price.
Micro Focus failed to put in place the necessary operations, staff, and
plan to effectively integrate with HPE in order to increase the chances
of enjoying a positive synergy between the two organizations. According
to the complaint, the total enterprise value of the merger was allegedly
inflated by more $3.4 billion. As a result, Micro Focus' public
statements were materially false and misleading at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares Micro Focus during the Class Period you may move
the Court no later than July 23, 2018 to ask the Court to
appoint you as lead. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take no
action and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East,
Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.

This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

View Comments and Join the Discussion!