Former California Deputy Attorney General and Special Counsel with Johnson Fistel Launches Investigation into Pivotal Software (PVTL)

News provided by

Jun 20, 2019, 20:01 ET

SAN DIEGO, June 20, 2019 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP with the assistance of former California Deputy Attorney General and Special Counsel, Tiffany Johnson, Esq., is investigating potential claims against Pivotal Software, Inc. ("Pivotal") (NYSE: PVTL) for violations of federal securities laws.

On or about April 20, 2018, Pivotal sold 37 million shares of stock in its initial public stock offering (the "IPO"), at $15 a share raising $555,000,000 in new capital. However, since the IPO, Pivotal stock has imploded, on June 20, 2019, the stock closed at $11.37.

On June 4, 2019, after the markets closed, Pivotal reported Q1 2020 financial results. Revenue for the quarter was $186 million and the company lost $31.7 million, or 12 cents a share. The Company said it now expects revenue between $756 million and $767 million for fiscal 2020, and an adjusted loss between 15 cents a share and 13 cents a share. Analysts expected revenue around $803 million for the year and an adjusted loss of 14 cents a share.

Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its April 2018 IPO contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.

If you have information that could assist in this investigation, including past employees and others, or if you are an Pivotal shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) by email or phone at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

[click here to join this action].

SOURCE Johnson Fistel, LLP