NEW YORK, Aug. 12, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders that purchased or acquired shares of Carbonite, Inc. ("Carbonite" or the "Company") (NASDAQ: CARB) between February 7, 2019 and July 25, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the District of Massachusetts seeks to recover damages for Just Energy investors under the Securities Exchange Act of 1934.
If you purchased Carbonite securities, and/or would like to discuss your legal rights and options please visit CARB Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than September 30, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
The complaint alleges that throughout the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse information regarding the technological quality of the Server Backup VM Edition and its potential to add "meaningfully" to Carbonite's financial performance for fiscal 2019. Specifically, defendants failed to disclose that: (i) Carbonite's Server Backup VM Edition was of poor quality and technologically flawed; (ii) Carbonite was receiving poor reviews and complaints from customers about the Server Backup VM Edition; and (iii) the poor quality and technological flaws of the Server Backup VM Edition were acting as a "disruptive" factor throughout the Carbonite salesforce and keeping that sales organization from closing opportunistically on several larger deals during fiscal 2019. As a result of this information being withheld from the market, the price of Carbonite common stock was artificially inflated to more than $29 per share during the Class Period.
On July 25, 2019, Carbonite announced that it was withdrawing the Server Backup VM Edition from the marketplace and consequently lowering its financial projections for fiscal 2019 and 2020. The same day, Carbonite's Chief Executive Officer announced he was leaving the Company.
On this news, the price of Carbonite stock declined more than 24%, from a close of $23.90 per share on July 25, 2019 to a close of $18.01 per share on July 26, 2019.
If you purchased Carbonite securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/carbonite-inc-167/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Matthew E. Guarnero
Bernstein Liebhard LLP
View original content to download multimedia:http://www.prnewswire.com/news-releases/carb-class-action-alert-bernstein-liebhard-llp-announces-that-a-securities-class-action-lawsuit-has-been-filed-against-carbonite-inc-300900234.html
SOURCE Bernstein Liebhard LLP