NEW YORK - (NewMediaWire) - August 28, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Alteryx, Inc. (“Alteryx” or the “Company”) (NYSE:AYX) of the October 19, 2020 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 Alteryx stock or options between May 6, 2020 and August 6, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/AYX. 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 to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Alteryx securities between May 6, 2020 and August 6, 2020 (the “Class Period”). The case, Greg Smith v. Alteryx, Inc. et al, No. 20-cv-01540 was filed on August 19, 2020, and has been assigned to Judge David O. Carter.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; 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.
Specifically, on August 6, 2020, after the market closed, Alteryx announced its second quarter 2020 financial results, and stated that the Company expected only 10% to 11% revenue growth for the full year, and 7% to 11% revenue growth for the third quarter of 2020 (as compared to the same period in 2019).
On this news, Alteryx’s stock fell from a closing price of $169.00 per share on August 6, 2020 to $121.38 per share on August 7, 2020—a $47.62 or 28.18% drop. The stock price continued to decline over the next trading session by $12.15, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77, or 35%.
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 Alteryx’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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