Attention investors who purchased shares of VMware, Inc. between March 30, 2019 and February 27, 2020:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against VMware, Inc. ("VMware" or the "Company") concerning whether VMware 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 March 30, 2019 and February 27, 2020, inclusive (the "Class Period"), concerning VMware's business, operations, and prospects. These misrepresentations and omissions artificially inflated the price of VMware'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 VMware, Inc. (“VMware” or the “Company”) (NYSE: VMW) between March 30, 2019 and February 27, 2020, 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 VMware during the Class Period, or purchased shares prior to the Class Period and still hold VMware, and wish to discuss this action or have any questions concerning this notice or your rights or interests, 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, by e-mail at email@example.com.
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) VMware’s reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; 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 February 27, 2020, during after-market hours, and the same day that VMware announced its fourth quarter and fiscal year 2020 financial results, Defendants filed a Current Report on Form 8-K with the SEC, disclosing an SEC investigation into the Company’s backlog of unfilled orders. Specifically, that Form 8-K advised investors that, “[i]n December 2019, the staff of the Enforcement Division of the [SEC] requested documents and information related to VMware’s backlog and associated accounting and disclosures.” The Form 8-K also advised investors that, although “VMware is fully cooperating with the SEC’s investigation,” it was “unable to predict the outcome of this matter at this time.”
On this news, shares of VMware fell over 11%, closing at $120.52 per share on February 30, 2020, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 1, 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 and New York, 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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