NEW YORK, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Granite Construction, Inc. GVA, Pluralsight, Inc. PS, NetApp, Inc. NTAP, and SAExploration Holdings, Inc. SAEX. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Granite Construction, Inc. GVA
Class Period: October 26, 2018 to August 1, 2019
Lead Plaintiff Deadline: October 15, 2019
On July 29, 2019, the company disclosed that second quarter 2019 financial results were negatively impacted by non-cash charges related to four civil joint venture projects. As a result, Granite Construction expected to report net loss per diluted share in the range of $2.05 to $2.10 per diluted share.
On this news, the company's stock price fell $7.98 per share, or nearly 18%, to close at $36.49 per share on July 30, 2019.
Then on August 2, 2019, the company announced its second quarter 2019 financial results, reporting revenue of $789.5 million, including $114.2 million in revenue reduction due to the charges disclosed earlier that week.
On this news, the Company's stock price fell $2.78 per share, or over 8%, to close at $31.22 per share on August 2, 2019.
The complaint, filed on August 12, 2019, alleges that throughout the class period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the company had assumed certain risks in connection with its heavy civil joint venture projects bid between 2012 and 2014; (2) that there was an "untenable" imbalance of risk sharing between the Company and the joint venture project owners; (3) that, as a result, the company was reasonably likely to incur additional project costs for its joint venture projects; (4) the company was reasonably likely to incur additional costs in connection with certain project disputes; and (5) that, as a result of the foregoing, defendants' positive statements about the company's business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.
Pluralsight, Inc. PS
Class Period: August 2, 2018 to July 31, 2019
Lead Plaintiff Deadline: October 15, 2019
The Company completed its initial public offering ("IPO") in May 2018. Less than a year later, Pluralsight completed a secondary public offering ("SPO") on March 6, 2019, wherein it sold 15.6 million shares at a price of $29.25 per share.
On July 31, 2019, Pluralsight announced disappointing financial results for the second quarter, disclosing that its billings growth rate had sharply deteriorated. The Company blamed its declining growth in billings on sales execution challenges and other issues with its salesforce. Pluralsight also disclosed that its Chief Revenue Officer was resigning. In response to these disclosures, Pluralsight's share price declined. The stock price fell $12.13 per share in a single day – a nearly 40% drop – to close at $18.56 per share on August 1, 2019.
The complaint, filed on August 13, 2019, alleges that throughout the Class Period, Pluralsight misrepresented the Company's business outlook, particularly related to the company's salesforce and its ability to generate strong growth in billings. Specifically, the company failed to disclose that Pluralsight was experiencing substantial delays in hiring and properly training the salesforce necessary to meet its billing projections. In addition, the company knew at the time of the SPO that it was behind schedule onboarding new sales representatives, which was hurting the company's sales execution and preventing Pluralsight from meeting its high growth projections. Instead of disclosing such facts at the time of the SPO, and to cash-out at inflated prices, defendants intentionally obscured and omitted this pertinent information from investors.
NetApp, Inc. NTAP
Class Period: May 22, 2019 to August 1, 2019
Lead Plaintiff Deadline: October 15, 2019
On August 1, 2019, the company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Moreover, the company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.
On this news, the company's share price fell $11.67 per share, to close at $46.04 per share on August 2, 2019.
The complaint, filed on August 14, 2019, alleges that 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, 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.
To learn more about the NetApp class action go to: https://bespc.com/NTAP
SAExploration, Inc. SAEX
Class Period: March 15, 2016 to August 15, 2019
Lead Plaintiff Deadline: October 17, 2019
On August 15, 2019, SAExploration revealed that certain accounting matters that arose in 2015-2016 were under investigation by the SEC. The company stated that they would restate its previously issued financial statements for fiscal years 2015 through 2018 and delay filing its 10-Q for the quarter ended June 30, 2019. The company's Chief Executive Officer was placed on administrative leave, and its Chief Financial Officer was terminated from his position.
On this news, SAExploration's share price fell over 33% on August 16, 2019, closing at $2.22. per share.
The complaint, filed August 18, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity; (2) the company had a controlling financial interest in ASV, which required the company to consolidate ASV in its financial statements; (3) the company had deficient internal controls over financial reporting; (4) these practices were likely to lead to an investigation of the company by the SEC; (5) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) as a result, defendants' statements about SAExploration's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
To learn more about the SAExploration class action go to: https://bespc.com/saex
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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