SAN FRANCISCO, Aug. 15, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP notifies investors in Pluralsight, Inc. (NASDAQ: PS) of the securities fraud class action, City of Birmingham Firemen's and Policemen's Pension System v. Pluralsight, Inc. et al., No. 1:19-cv-07563, pending in the U.S. District Court for the Southern District of New York.
If you invested in Pluralsight between August 2, 2018 and July 31, 2019 (the "Class Period") and suffered losses you do not need to sign up to be included in the putative class of investors.
If you invested in Pluralsight during the Class Period and suffered significant losses (in excess of $100,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.
If you wish to serve as a lead plaintiff in this case, you must move the Court no later than October 15, 2019 (the "Lead Plaintiff deadline"). Contact Hagens Berman immediately to learn more about the case and being a lead plaintiff:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
According to the Complaint, Defendants misled investors about Pluralsight's business outlook, particularly related to its salesforce and ability to generate strong growth in billings.
More specifically, according to the Complaint, Pluralsight and senior management concealed the Company's substantial delays in hiring and properly training the salesforce necessary to meet its lofty billing projections.
On June 17, 2019, Defendants reaffirmed both its Q2 2019 and FY 2019 guidance while concealing Pluralsight's salesforce problems.
The truth was revealed on July 31, 2019, when Defendants announced (1) disappointing financial results for 2Q 2019, (2) blamed Pluralsight's declining growth in billings on sales execution problems with its salesforce, and (3) the departure of the Company's Chief Revenue Officer.
Several analysts then lowered their price targets for Pluralsight shares. One reportedly wrote in a note to clients "[w]e are surprised by the magnitude of the billings weakness and we expect the stock to be a show-me story until investors gain confidence in billings re-acceleration."
"We're focused on investors' losses, the extent to which management may have misled investors about reasonable growth prospects, internal controls, and reasons for the recently-announced auditor change," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Pluralsight 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 510-725-3000 or email [email protected].
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Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP