SAN DIEGO & FARMINGTON, Utah--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Pluralsight, Inc. (NASDAQ: PS) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between August 2, 2018 and July 31, 2019. Pluralsight is a provider of cloud-based and video training courses for software developers, IT administrators, and creative professionals.
If you suffered a loss as a result of Pluralsight's misconduct, click here.
Pluralsight, Inc. (PS) Accused of Misleading Shareholders
According to the complaint, in August 2018, Pluralsight announced an increase in its second quarter billings revenue and stated in its Form 10-Q that after monitoring billings and other business metrics, Pluralsight expected that billings from business customers will be a significant source of future revenue growth. Throughout the relevant period, Pluralsight affirmed its statement and continuously reported increases in its billings growth. However, Pluralsight misled investors by failing to disclose that it was actually experiencing sales execution issues and delays in hiring and training its salesforce, both of which would prevent the company from reaching its high growth projections. As a result of these issues, on July 31, 2019, Pluralsight disclosed that its billings growth had deteriorated from over 40% to just 23% year-over-year and that its Chief Revenue Officer was resigning. Since this news, Pluralsight's share price has plummeted $14.80 per share, nearly 48%, to close at $15.89.
Pluralsight, Inc. (PS) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsarroyo.com
Shareholder Information Form
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.
