Tintri, Inc. (Nasdaq: TNTR)
A class action has been commenced on behalf of purchasers of Tintri, Inc. (Nasdaq: TNTR) common stock Pursuant and/or traceable to the June 30, 2017 initial public offering (the “Class Period”).
The complaint charges Tintri and certain of its officers with violations of the Securities Act of 1933 in connection with the Company’s initial public offering (“IPO”) on June 30, 2017. Tintri develops and markets an enterprise cloud platform combining cloud management software technology and a range of all-flash storage systems for virtualized and cloud environments.
On June 1, 2017, defendants filed a Registration Statement on Form S-1 with the SEC, which was subsequently amended and declared effective on June 29, 2017. On June 30, 2017, defendants filed the Prospectus for the IPO and sold more than 8.5 million shares of Tintri shares at $7.00 per share, raising approximately $60 million.
The complaint alleges that defendants made false and misleading statements and/or failed to disclose adverse information about Tintri’s business and operations in the Registration Statement filed in connection with the IPO. Specifically, the complaint alleges that the Registration Statement failed to disclose that during the IPO Tintri had experienced distraction, disruption and sales attrition, and that, as a result, defendants lacked a reasonable basis for the positive statements made in the Registration Statement.
On September 7, 2017, Tintri announced disappointing second quarter 2018 financial results, stating in a conference call after the announcement that the Company’s revenue growth was at the low end of expectations due to “distraction, disruption and some sales attrition [that] occurred during and after the IPO.” On this news, the price of Tintri shares fell, and by mid-September 2017, the shares were trading at $5.00 per share, or less than 65% of the IPO price.
If you are a current shareholder and purchased stock Pursuant and/or traceable to the June 30, 2017 initial public offering, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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