Forescout Technologies, Inc.
(NASDAQ GM: FSCT)
Attention investors who purchased shares of Forescout Technologies, Inc. between February 7, 2019 and October 9, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Forescout Technologies, Inc. ("Forescout" or the "Company") concerning whether Forescout and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period of February 7, 2019 and October 9, 2019, inclusive (the "Class Period"), concerning Forescout's business, operations, and prospects. These misrepresentations and omissions artificially inflated the price of Forescout's shares throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Forescout Technologies, Inc. (“Forescout” or the “Company”) (NASDAQ GM: FSCT) between February 7, 2019 and October 9, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Forescout during the Class Period, or purchased shares prior to the Class Period and still hold Forescout, and wish to discuss this action or have any questions concerning this notice or your rights, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, or by e-mail at firstname.lastname@example.org.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa (“EMEA”); (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on October 10, 2019, during pre-market hours, Forescout issued a press release announcing preliminary third quarter 2019 (“3Q19”) financial results. That press release lowered 3Q19 revenue guidance to $90.6 million to $91.6 million, compared to prior revenue guidance of $98.8 million to $101.8 million, and market consensus of $100.52 million. In explaining these results, Defendants cited “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, shares of Forescout fell over 37%, closing at $24.57 per share on October 10, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than March 2, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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