SAN DIEGO and REDWOOD SHORES, Calif., April 15, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Imperva, Inc. (NYSE: IMPV) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities and Exchange Act of 1934 between May 2, 2013 and April 9, 2014 (the "Class Period"). Imperva develops, markets, sells, services, and supports data center security solution.
Imperva Accused of Misrepresenting the Impact of Competitive Products
According to the complaint, shares of Imperva fell $21.73 or nearly 44%, to close at $28 per share on April 10, 2014, following the previous day's announcement by the company of its preliminary financial results for the first quarter 2014. In the announcement, Imperva revealed that it expects revenue for the first quarter in the range of $31 million to $31.5 million, or substantially below the Imperva's previous guidance in the range of $36 million to $37 million. In addition, Imperva advised that it anticipated reporting a net loss per share in the range of $0.40 to $0.44, as compared to the company's previous guidance of $(0.33) to $(0.37) for the quarter.
The complaint further alleges that, during the class period, Imperva failed to disclose to investors the extent to which competitive products were impacting the company's larger deals and future financial results. As a result, Imperva's securities traded at artificially higher prices during the class period, during which time several of the company's officers and directors sold nearly $26 million worth of their company stock.
Imperva Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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