Nutanix, Inc.
A securities class action has been filed in the USDC – N.D.CA against Nutanix, Inc. (NTNX) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Nutanix securities between September 21, 2021 through March 6, 2023.
On March 6, 2023, Nutanix issued a press release reporting selected preliminary second quarter fiscal 2023 financial results. Among other items, Nutanix reported that “Company management discovered that certain evaluation software from one of its third-party providers was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period.” Due to an ongoing Audit Committee investigation into the matter, Nutanix stated that “it does not expect to be able to [timely] file its Quarterly Report on Form 10-Q for the quarter ended January 31, 2023[.]”
On this news, Nutanix’s stock price fell $2.27 per share, or 7.89%, to close at $26.50 per share on March 7, 2023.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
- the Company maintained deficient internal controls relating to its use of licensed software and expense management;
- as a result of these deficiencies, the Company improperly used third-party evaluation software for business purposes over a multi-year period;
- investigation and remediation of the foregoing-i.e., by paying vendors the full cost to use their software for business purposes-would cause the Company to incur significant expenses; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
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