SAN FRANCISCO, June 17, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP, with nine offices in eight cities around the country and eighty attorneys, alerts investors in Pivotal Software, Inc. (NYSE: PVTL) to the firm's investigation into possible disclosure violations.
If you purchased or otherwise acquired Pivotal securities, suffered losses, and wish to learn more about the investigation or have knowledge of facts that may assist the firm's investigation contact Hagens Berman:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
On June 4, 2019, Pivotal released a disappointing earnings report for its first quarter fiscal year 2020, revealing a decline in deferred revenue and weak billing numbers. The Company also slashed its revenue targets for its second quarter and fiscal 2020, citing "sales execution" issues and a "complex technology landscape." In downgrading the shares, Wedbush analyst Daniel Ives called the quarter a "train wreck," dubbed Pivotal's deferred revenue and billings numbers "disastrous" and asserted that Pivotal's "management team does not have a handle on the underlying issues negatively impacting its sales cycles."
This news caused Pivotal shares to lose over 40% of its value on June 5, 2019, the Company's worst trading day yet.
"We're focused on investors' losses and whether management misrepresented customer demand for its main Cloud Foundry offering," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding PVTL 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