The investigation concerns whether Pure Storage and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On or about October 7, 2015, Pure Storage priced the Company's initial public offering ("IPO") at $17 per share, filed with the U.S. Securities and Exchange Commission the final prospectus for the IPO, and sold 28.75 million shares of the Company's common stock to the investing public. On September 7, 2016, just 11 months after the IPO, Pure Storage stock closed at $12.54, a decline of more than 26% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP