Berger Montague Investigates Securities Fraud Class Action Claims Against VMWare, Inc. (NYSE: VMW); Lead Plaintiff Deadline is June 1, 2020
PHILADELPHIA, April 23, 2020 /PRNewswire/ -- Berger Montague is investigating securities fraud claims against VMWare, Inc. ("VMWare" or the "Company") on behalf of all purchasers of VMWare common stock (NYSE: VMW) between March 30, 2019 and February 27, 2020 (the "Class Period").
If you purchased VMWare shares, have information, would like to discuss this investigation, or have any questions concerning your rights or interests, please contact our attorneys Barbara A. Podell, Esq. at (215) 875-4690 or Andrew Abramowitz, Esq. at (215) 875-3015, or visit www.bergermontague.com/vmware.
According to the lawsuit, VMWare and members of its senior management concealed that: (i) the Company's reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
Investors learned the truth on February 27, 2020, when, in announcing disappointing results for Q4 2019, VMWare disclosed that in December 2019, the SEC requested documents and information relating to VMware's backlog and associated accounting and disclosures. Indeed, on the Q4 2019 earnings call, VMware disclosed that its total backlog was only $18 million, down enormously from $449 million in the prior year quarter. This information was material to investors because the backlog constitutes orders and agreements that the Company expects to record as revenue in the following quarter.
On this news, shares lost 11% of their value, dropping $15.11 per share, from a close of $135.63 per share on February 27, 2020, to a close of $120.52 per share on February 28, 2020.
If you purchased VMWare common stock during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is June 1, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding VMWare, Inc. should consider their options to help Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of successful recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Barbara A. Podell, Shareholder
Berger Montague
(215) 875-4690
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
SOURCE Berger Montague
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