|Company Name||Nutanix, Inc.|
On March 6, 2023, after the market closed, Nutanix disclosed that it will be unable to file its Quarterly Report on Form 10-Q for the quarter ended January 31, 2023 on time because the Company’s Audit Committee is conducting an investigation with the assistance of outside counsel. The investigation relates to “certain evaluation software from one of the Company’s third-party providers [that] was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period.” The Company further disclosed that the issue is likely to result in “additional costs . . . incurred to address the additional use of the software.”
On this news, Nutanix’s stock price fell $2.27, or 7.8%, to close at $26.50 per share on March 7, 2023, thereby injuring investors.
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