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CLASS ACTION UPDATE for CLDR, ZUO, BUD and INS: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
Globe Newswire 2-Aug-2019 9:23 AM
NEW YORK, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
Allegations: Cloudera, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Cloudera was finding it increasingly difficult to identify large enterprises interested in adopting the Company's Hadoop-based platform; (ii) Cloudera needed to expend an increasing amount of capital on sales and marketing activities to generate new revenues, even as new revenue opportunities were diminishing; and (iii) Cloudera had materially diminished sales opportunities and prospects and could not generate annual positive cash flows.
Allegations: Zuora, Inc. made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (1) the Company would focus on implementing RevPro for new customers ahead of the deadline to comply with accounting standard ASC 606; (2) as a result, the Company lacked adequate resources to integrate RevPro with the core business; (3) the Company would focus on RevPro integration a year after the acquisition closed; (4) delays in integrating RevPro would materially impact the business; (5) the market for RevPro was limited to customers seeking to implement new accounting standards such as ASC 606; (6) after the deadline for ASC 606 compliance passed, demand for RevPro was reasonably likely to decline; and (7) 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.
According to the filed complaint, Defendants issued a steady stream of materially false and misleading reassurances about Anheuser Busch's deleveraging efforts, cost cutting measures, EBITDA growth, the sufficiency of its liquidity and its debt maturity profile during the Class Period. These positive statements by Defendants created a false impression and materially misled investors about the Company's finances, including the sustainability of Anheuser-Busch's dividends. Once Defendants chose to speak about Anheuser-Busch's finances, they had a duty to speak completely and truthfully, including speaking about those factors that were then having a material adverse effect on the Company's deleveraging efforts.
To learn more about the Anheuser-Busch Inbev Sa/Nv class action contact jlevi@levikorsinsky.com.
Allegations: Intelligent Systems Corporation made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Petit, the "financial expert" on the Company's Audit Committee, engaged in accounting fraud as the CEO of MiMedx Group; (2) the Company's CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company's auditor; (3) the Company had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, Defendants' statements about Intelligent Systems' business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
To learn more about the Intelligent Systems Corporation class action contact jlevi@levikorsinsky.com.
You have until the lead plaintiff deadlines to request the court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 55 Broadway, 10th Floor New York, NY 10006 jlevi@levikorsinsky.com Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
