GlobeNewswire Inc | Mar 8, 2021 04:11PM EST

March 08, 2021

NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Nutanix, Inc. (Nutanix) (NASDAQ: NTNX) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Nutanix between March 1, 2018 and May 30, 2019, inclusive (the Class Period). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Complaint alleges that Defendants issued a series of material misstatements and omitted material facts in the Companys public filings, press releases, and other documents concerning Nutanixs: (1) sales productivity; (2) lead generation spending; (3) sales personnel hiring; and (4) revenue and customer growth. When the true details entered the market, the lawsuit claims that investors suffered damages.

On February 28, 2019, the Company disclosed its 2Q2019 financial results and 3Q guidance below analysts expectations due to inadequate marketing spend for pipeline generation and slower than expected sales hiring, which contradicted the Companys prior statements that it was investing heavily in growth and was increasing sales and marketing activities while maintaining high profit margins. Then, on May 30, 2019, the Company announced its financial results for 3Q2019, again disclosing that the Company had failed to meet its revenue targets, despite its prior representations otherwise. On this news, the price of Nutanixs shares dropped 14.1%, from a closing price of $32.67 per share on May 30, 2019 to $28.07 per share on May 31, 2019, on exceptionally heavy trading volume of almost 22 million shares.

Investors who purchased or otherwise acquired shares of Nutanix during the Class Period should contact the Firm prior to the March 22, 2021 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 http://www.gme-law.com for more information about the firm.