Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose material information that Nimble Storage was being negatively impacted by intense competition from well-entrenched, large competitors who were reducing prices in order to maintain market share. In addition, Nimble Storage had made a decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market. As a result of this change in strategy and the intense price competition, Nimble Storage lost sales in both sales channels.
On November 19, 2015, after the close of the markets, the Company issued a press release announcing its disappointing fiscal third quarter financial results.
After the announcement of the Company’s disappointing third quarter financial results, Nimble Storage common stock fell $10.34 per share the next day to close at $10.05 per share, a 50.71% drop, on November 20, 2015.
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