NEW YORK, Sept. 27, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tintri, Inc. ("Tintri" or the "Company") (NASDAQ: TNTR) of the November 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you purchased the securities of Tintri pursuant and/or traceable to the Company's Registration Statement and Prospectus issued in connection with the Company's initial public offering completed on or about June 30, 2017 (the "IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/TNTR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tintri securities in connection with the Company's IPO. The case, Tuller v. Tintri, Inc. et al., No. 2:17-cv-06857 was filed on September 18, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company experienced distraction, disruption, and sales attrition during its IPO; and (2) as a result, the Company's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on September 7, 2017, the Company held an earnings conference call for the second quarter. During the call, the Company's Chairman and Chief Executive Officer David Klein stated that "Q2 revenue grew 27% over the same quarter a year ago, at the low end of our expectations," and that this was "primarily due to distraction, disruption and some sales attrition occurred during and after our IPO."
On this news, Tintri's share price fell from $6.68 per share on September 7, 2017 to a closing price of $4.55 on September 8, 2017—a $2.13 or a 31.89% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tintri's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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