According to the complaint against the company for alleged violations of the Securities Act of 1933 pursuant to its April 2018 initial public offering (“IPO”), Pivotal Software, Inc. (PVTL) went public in an initial public offering on April 19, 2018 for $638 million in gross proceeds. However, Pivotal failed to disclose it was already experiencing diminished growth prospects as customers and industry sentiment shifted away from Pivotal’s principal offering because it was outdated and incompatible with the industry standard platform. As the truth was revealed, Pivotal shares plummeted. On June 4, 2019, Pivotal reported disappointing financial and operating results, which it attributed to sales execution challenges with its disjointed product offering and the need to reengineer its primary PAS. On this news, Pivotal’s stock fell over 40% to close at $10.89 per share.
If you are a concerned shareholder who owns shares in PVTL and would like more information about your rights and potential remedies you can call us toll free at (855) TIM-MLAW (855-846-6529) or send us a message via the Shareholder Information below