Box, Inc.
| Company Name | Box, Inc. |
| Stock Symbol | BOX |
| Class Period | November 28, 2018 to June 03, 2019 |
| Lead Plaintiff Motion Deadline | August 05, 2019 |
| Court | USDC Northern District of California |
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.
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