NEW YORK, Oct. 17, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Anaplan, Inc. ("Anaplan" or the "Company") (NYSE: PLAN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Anaplan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 27, 2020, Anaplan announced that, although it slightly exceeded revenue guidance for the quarter, which grew at a rate of 42% year-over-year, its calculated billings for the fourth quarter fell short of consensus. Specifically, billings were only $126 million, representing a growth rate of 25%, which was well below consensus estimates of $138 million, and roughly half of the Company's historical growth rates of 46% to 59%, and significantly less than the Company's rate of revenue growth of over 40%. These reported earnings contrasted management's previous representation that calculated billings growth rate would track the revenue growth rate. In explaining this shortfall, the Company cited "management changes," which resulted in the inability to close some large deals at the end of the quarter, and also announced that its Chief Growth Officer was leaving after only a few months on the job. Analysts immediately pointed out that the billings growth rate had fallen to half its historical rate, and that the "significant drop" in billings was a strong sign of a business in trouble.
On this news, Anaplan's stock price fell $14.06 per share, or 24.20%, to close at $44.03 per share on February 27, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP