14/08/2019 01:00:00

Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Carbonite, Inc. (CARB)

NEW YORK,, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Carbonite, Inc. (“Carbonite” or the “Company”) (NASDAQ: CARB) in the United States District Court for the District of Massachusetts on behalf of those who purchased or acquired the securities of Carbonite between February 7, 2019 and July 25, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges that throughout the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse information regarding the technological quality of the Server Backup VM Edition and its potential to add "meaningfully" to Carbonite's financial performance for fiscal 2019. Specifically, the Complaint alleges that defendants failed to disclose that: (i) Carbonite's Server Backup VM Edition was of poor quality and technologically flawed; (ii) Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition; and (iii) the poor quality and technological flaws of the Server Backup VM Edition were acting as a "disruptive" factor throughout the Carbonite salesforce and keeping that sales organization from closing on several larger deals during fiscal 2019. As a result of this information being withheld from the market,  the Complaint alleges the price of Carbonite common stock was artificially inflated to more than $29 per share during the Class Period.

On July 25, 2019, Carbonite announced that it was withdrawing the Server Backup VM Edition from the marketplace and consequently lowering its financial projections for fiscal 2019 and 2020. The same day, Carbonite's Chief Executive Officer announced he was leaving the Company.

On this news, the price of Carbonite stock declined more than 24%, from a close of $23.90 per share on July 25, 2019 to a close of $18.01 per share on July 26, 2019.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the September 30, 2019 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at https://www.gme-law.com for more information about the firm.

Del

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
18 Aug
VELO
Da flere skribenter stadig gerne vil beholde tråden for samling af de mange vigtige informationer o..
44
23 Aug
GEN
For Genmab investorer bliver september måned en hot affære - der kommer i hvert fald en stribe nyhed..
37
19 Aug
OMXC25
Endnu en dansk patriark er død. Ære være hans minde.
29
18 Aug
 
Da Berlingske Media for cirka 1 år siden overtog Euroinvestor for 23 mio kr, meddelte de, at nu skul..
22
21 Aug
I:NDX
Trump er en forretningsmand, der bevæger sig med en forretningsmands hastighed. Han er fløjtende lig..
21
22 Aug
 
Jeg synes hun gjorde det fremragende i sagen om Grønland og Trump.   Det vigtigste i en sådan situat..
20
20 Aug
VELO
Ny artikel på Medwatch:   15,5 pct. af amerikanske patienter, der får en nyretransplantation i dag, ..
20
18 Aug
VELO
Fra anden skribent i Veloxis FB gruppen: Børsen side 4, søndag den 18. august. Et uddrag fra e..
20
20 Aug
PNDORA
  har du læst regnskabet - de forventer at tjene 4 mia i 2019 i forhold til en værdi af selskabet på..
18
19 Aug
OMXC25
En fantastisk dygtig og sympatisk erhvervsmand.  Og en ægte patriot som også betalte sin skat med gl..
17

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
VGP NV: Record Amount of New Lease Contracts Solidifies Path of Continued Future Growth
2
MDxHealth: MDxHealth Notice of Interim Results 2019
3
DCHFA Finances Its Second Deanwood Affordable Rental Community of the Summer
4
SalMar – Results for the second quarter 2019
5
Fellow Finance growth continues according to the company strategy: turnover grew by 29,6%

Latest news


Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
24 August 2019 02:00:59
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190819.1 - EUROWEB1 - 2019-08-24 03:00:59 - 2019-08-24 02:00:59 - 1000 - Website: OKAY