Anaplan Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Anaplan Inc. To Contact The Firm

September 03, 2020 10:57 AM EDT | Source: Faruqi & Faruqi LLP

New York, New York--(Newsfile Corp. - September 3, 2020) -  Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Anaplan Inc. ("Anaplan" or the "Company") (NYSE:PLAN) of the October 23, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

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If you invested in Anaplan stock or options between November 21, 2019 and February 26, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/PLAN. 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 rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Anaplan common stock between November 21, 2019 and February 26, 2020 (the "Class Period"). The case, Grobler v. Anaplan Inc. et al., No. 3:20-cv-05959 was filed on August 24, 2020.

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 was undergoing sales organization and execution challenges; (2) these organizational challenges were causing the Company to miss on closing very important large deals; and (3) as a result, Anaplan's financial guidance for "calculated billings growth" was baseless and unattainable. Further, while in possession of this material non-public information, Anaplan insiders dumped approximately $30 million worth of Anaplan stock at artificially inflated prices.

On February 27, 2020, the Company announced that, although it slightly exceeded revenue guidance for the quarter ($98.2mm versus $97.5mm estimate), which grew at rate of 42% year-over-year, its calculated billings for the fourth quarter fell far short of expectations. 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 far less than the Company's rate of revenue growth of over 40%.

On this news, the Company's stock price fell from $58.09 per share on February 26, 2020 to $44.03 per share on February 27, 2020: a $14.06 or 24.20% 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 Anaplan's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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