LOS ANGELES, Oct. 20, 2020 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming October 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Anaplan Inc. ("Anaplan" or the "Company") (NYSE: PLAN) common stock between November 21, 2019 and February 26, 2020, inclusive (the "Class Period").
If you suffered a loss on your Anaplan investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/anaplan-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On February 27, 2020, Anaplan reported billings of $126 million for fourth quarter 2019, representing a growth rate of 25%, which was well below consensus estimates and roughly half of the Company's historical growth rates of 46% to 59%. The Company attributed the shortfall to the inability to close some large deals at the end of the quarter due to certain "management changes."
On this news, the Company's share price fell $14.06 per share, or 25%, to close at $44.03 per share on February 27, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was undergoing sales organization and execution challenges; (2) that these organizational challenges were causing the Company to miss on closing very important large deals; and (3) that, as a result, Anaplan's financial guidance for "calculated billings growth" was baseless and unattainable.
If you purchased or otherwise acquired Anaplan common stock during the Class Period, you may move the Court no later than October 23, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP