NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Ellie Mae, Inc. ("Ellie Mae" or the "Company") (NYSE: ELLI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Ellie Mae and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 27, 2017 Ellie Mae reported its financial and operating results for the second quarter of 2017. The Company stated that some of its customers experienced a lower closed loan volume due to declining refi volume, and that "tight housing inventory held back purchase volume." Citing these factors, the Company cut its full year 2017 guidance.
On this news, Ellie Mae's share price fell $19.21, or 17.48%, to close at $90.69 on July 28, 2017.
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
SOURCE Pomerantz LLP