Robbins Arroyo LLP: Tintri, Inc. (TNTR) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Tintri, Inc. (NASDAQGM: TNTR) in the U.S. District Court for the Central District of California. The complaint is brought on behalf of all purchasers of Tintri securities pursuant to the company’s Registration Statement and Prospectus issued in connection to the company’s initial public offering on or about June 30, 2017 (the “IPO”), for alleged violations of the Securities Act of 1933 by Tintri officers and directors. Tintri, Inc. develops and markets an enterprise cloud platform combining cloud management software technology and a range of all-flash storage systems for virtualized and cloud environments in the United States and internationally.
Tintri Is Accused of Filing Misleading Registration Statement and Prospectus
According to the complaint, in connection with its IPO, Tintri represented in its Registration Statement and Prospectus that the company was intending to extend their position as a leader in providing enterprise cloud solutions to large organizations and CSPs in accordance to their growth strategy. However, the complaint alleges that Tintri failed to disclose that during and after the company’s IPO the company was experiencing waning sales. On September 7, 2017, Tintri held an earnings conference call for the second quarter of 2018 during which Tintri CEO stated “Q2 revenue grew 27% over the same quarter a year ago, at the low end of our expectations,” and explained that “distraction, disruption and some sales attrition occurred during and after our IPO.” On this news, Tintri stock plummeted and now currently trades below $5.00 per share – less than 65% of its IPO price.
Tintri Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003 or you can complete the form below and we will contact you directly.