HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Notifies VMware (VMW) Investors of Securities Class Action and Upcoming Application Deadline, Encourages Investors with Losses to Contact the Firm
SAN FRANCISCO, CA / ACCESSWIRE / May 22, 2020 / Hagens Berman urges investors in VMware, Inc. (NYSE:VMW) who have suffered losses in excess of $100,000 to submit their losses now. The June 1, 2020 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives is fast approaching.
VMware, Inc. (VMW) Securities Class Action:
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company's financial performance. Specifically, the Complaint alleges that Defendants falsely represented and concealed 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
The Complaint alleges that the truth emerged on Feb. 27, 2020, when after the market closed, the Company announced disappointing Q4 results and disclosed that in Dec. 2019 the SEC requested documents and information related to VMware's backlog and associated accounting and disclosures. Significantly, on the Q4 2019 earnings call, VMware disclosed that its total backlog was only $18 million, down massively from $449 million in the year-ago quarter. This news sent the price of VMware shares sharply lower the next day.
"We're focused on investors' losses and whether VMware may have manipulated its backlog metric," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of VMware and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding VMware should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email VMW@hbsslaw.com.
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SOURCE: Hagens Berman Sobol Shapiro LLP