NEW YORK, Aug. 13, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all investors that purchased Pluralsight, Inc. (NASDAQ: PS) securities between August 2, 2018 and July 31, 2019 (the "Class Period"). Investors have until October 15, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The Company completed its initial public offering ("IPO") in May 2018. Less than a year later, Pluralsight completed a secondary public offering ("SPO") on March 6, 2019, wherein it sold 15.6 million shares at a price of $29.25 per share.
On July 31, 2019, Pluralsight announced disappointing financial results for the second quarter, disclosing that its billings growth rate had sharply deteriorated. The Company blamed its declining growth in billings on sales execution challenges and other issues with its salesforce. Pluralsight also disclosed that its Chief Revenue Officer was resigning. In response to these disclosures, Pluralsight's share price declined. The stock price fell $12.13 per share in a single day – a nearly 40% drop – to close at $18.56 per share on August 1, 2019.
The complaint, filed on August 13, 2019, alleges that throughout the Class Period, Pluralsight misrepresented the Company's business outlook, particularly related to the company's salesforce and its ability to generate strong growth in billings. Specifically, the company failed to disclose that Pluralsight was experiencing substantial delays in hiring and properly training the salesforce necessary to meet its billing projections. In addition, the company knew at the time of the SPO that it was behind schedule onboarding new sales representatives, which was hurting the company's sales execution and preventing Pluralsight from meeting its high growth projections. Instead of disclosing such facts at the time of the SPO, and to cash-out at inflated prices, defendants intentionally obscured and omitted this pertinent information from investors.
If you purchased Pluralsight securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Pluralsight class action, please go to https://bespc.com/PS. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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