BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Nimble Storage, Inc. ("Nimble Storage" or the "Company") (NYSE: NMBL) concerning the Company’s and its officers’ possible violations of federal securities laws through affirming allegedly false and speculative earnings projections while selling Company shares. Law Offices of Howard G. Smith is preparing a lawsuit on behalf of injured investors.
On November 19, 2015, the Company issued a press release announcing its third quarter 2015 results. Nimble Storage reported a non-GAAP operating loss of $10.8 million and a GAAP net loss of $28.6 million. The Company attributed the poor results to a “shift in investment from commercial to enterprise business” that impacted the Company’s commercial revenue growth more than anticipated.
On this news, Nimble Storage shares fell $10.34 per share, or 51%, to close at $10.05 per share on November 20, 2015, thereby injuring investors. Company executives, directors and other insiders profited through the sale of their shares to an unsuspecting market immediately prior to the disclosures that the Company would not meet its sales projections. And, in the last 3 months insiders sold 12,689,285 Nimble Storage shares while they affirmed their projections.
If you purchased Nimble Storage securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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