Nimble Storage, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court, Northern District of California against Nimble Storage, Inc. (“Nimble”) (NYSE: NMBL) and several officers and directors for acts taken during the period of May 27, 2015 to November 19, 2015 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Nimble. If you are an affected Nimble shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclosure that: (1) Nimble was being negatively impacted by intense competition from strong competitors who were reducing prices in order to maintain market share, (2) Nimble had made a conscious decision to focus its sales and marketing efforts towards the large enterprises market and to reduce sales efforts in the U.S. commercial market, and (3) due to this change in sales strategy and the intense price competition, Nimble was losing sales in both sales channels. After the close of the markets on November 19, 2015, Nimble announced its financial results for the fiscal third quarter of 2016, the period ending October 31, 2015. For the quarter, the Company reported total revenue of $80.7 million, non-GAAP gross margin of 66.9%, a non-GAAP operating loss of $10.8 million or negative 13% of revenue, and a GAAP net loss of $28.6 million, or $0.36 per basic and diluted share. Nimble stock dropped 51% immediately following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
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