NEW YORK, Sept. 26, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dropbox, Inc. ("Dropbox" or the "Company") (NASDAQ: DBX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Dropbox and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around March 23, 2018, Dropbox conducted its initial public offering (the "IPO"), offering 36 million shares priced at $21.00 per share. On August 8, 2019, Dropbox announced its financial results for the second quarter of 2019, advising investors that the Company had "more than 500 million registered users," indicating that it had experienced essentially no significant registered user growth since prior to the IPO. In addition, Dropbox reported that its revenue growth had decelerated to only 18% for 2019, a sharp decline from the 40% and 31% annual growth rates highlighted in the registration statement issued in connection with the IPO.
On this news, Dropbox's stock price fell $2.75 per share, or 12.81%, to close at $18.71 per share on August 9, 2019. Since the IPO, Dropbox's stock price has fallen as low as $17.26 per share, representing a total decline of 17.81% since the IPO.
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. 9980
SOURCE Pomerantz LLP