NEW YORK, NY - (NewMediaWire) - October 12, 2019 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in NetApp, Inc. (NASDAQ: NTAP) ("NetApp" or the "Company") of the October 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. If you invested in NetApp stock or options between May 22, 2019 and August 1, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/NTAP. There is no cost or obligation to you.You can also contact us by calling Richard Gonnello toll free at877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com. CONTACT:FARUQI & FARUQI, LLP685 Third Avenue, 26th FloorNew York, NY 10017Attn: Richard Gonnello, Esq.rgonnello@faruqilaw.comTelephone: (877) 247-4292 or (212) 983-9330The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased NetApp securities between May 22, 2019 and August 1, 2019 (the "Class Period"). The case, Smith v. NetApp, Inc., No. 19-cv-04801 was filed on August 14, 2019 and has been assigned to Judge Jon S. Tigar.The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failing to disclose material adverse facts about the Company's business, operations, and prospects.Specifically, Defendants failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter and that the deals were pushed out to subsequent quarters or downsized; (2) that, as a result, the Company's revenue would be materially impacted; (3) that, as a result, the Company would lower its fiscal 2020 guidance; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.On August 1, 2019, after the market closed, the Company reported preliminary first quarter 2019 adjusted earnings per share of $0.55 to $0.60, below the average estimate of $0.83, and net revenue of $1.22 billion to $1.23 billion, below the average estimate of $1.39 billion. Additionally, the Company lowered its 2020 outlook and expected net revenue to decline between 5% and 10% year-over-year.On this news, the Company's stock fell from $57.71 on August 1, 2019 to $46.04 on August 2, 2019- a $11.67 or 20.22% 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 NetApp'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.
NEW YORK, NY - (NewMediaWire) - October 12, 2019 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SAExploration Holdings, Inc. (NASDAQ: SAEX) ("SAExploration" or the "Company") of the October 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.If you invested in SAExploration stock or options between March 15, 2016 and August 15, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/SAEX. 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 torgonnello@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) 983-9330The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased SAExploration securities between March 15, 2016 and August 15, 2019 (the "Class Period"). The case, Bodin v. SAExploration Holdings, Inc. et al., No. 19-cv-03089 was filed on August 18, 2019.The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity; (2) the Company had a controlling financial interest in ASV, which required the Company to consolidate ASV in its financial statements; (3) the Company had deficient internal controls over financial reporting; (4) these practices were likely to lead to an investigation of the Company by the SEC; (5) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) as a result, Defendants' statements about SAExploration's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.On August 15, 2019, the Company announced in a press release that the SEC was conducting an investigation into certain accounting matters that arose in 2015-2016. The press release also stated that the Company would restate its previously issued financial statements for fiscal years 2015-2018 and delay filing its 10-Q for the quarter ended June 30, 2019. The Company further announced that it had placed CEO and Chairman Jeffrey Hastings on administrative leave, and had fired CFO and General Counsel Brent Whitely.On this news, SAExploration's share price fell causing harm to investors.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 SAExploration'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.
