11/06/2019 19:30:37

Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Box, Inc. Investors (BOX)

LOS ANGELES, June 11, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Duvnjak v. Box, Inc. et al., (Case No. 3:19-cv-03173), on behalf of persons and entities that purchased or otherwise acquired Box, Inc. (NYSE: BOX) (“Box” or the “Company”) securities between November 28, 2018 and June 3, 2019, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until August 5, 2019 to move the Court to serve as lead plaintiff in this action.

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

On February 27, 2019, the Company reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals.

On this news, the Company’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019, thereby injuring investors.

Then on June 3, 2019, the Company lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals. 

On this news, the Company’s share price fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019, thereby injuring investors further.

The complaint filed in this class action 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 failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter; (2) that, as a result, the Company’s revenue would be materially impacted; and (3) 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.

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

If you purchased Box securities during the Class Period, you may move the Court no later than August 5, 2019 to ask the Court to appoint you as lead plaintiff. 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.

Contacts

Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

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