NEW YORK–(BUSINESS WIRE)–$AYX #classaction–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Alteryx, Inc. (“Alteryx” or the “Company”) (NYSE: AYX) securities during the period from May 6, 2020 through August 6, 2020 (the “Class Period”). Investors have until October 19, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On August 6, 2020, the Company announced, in a press release, its second quarter 2020 financial results and disappointing growth projections for the third quarter and full year 2020. Therein, Alteryx stated that, for the third quarter, it expected revenue “to be in the range of $111.0 million to $115.0 million, an increase of 7% to 11% year-over-year.” Moreover, for fiscal year 2020, the Company expected revenue “to be in the range of $460.0 million to $465.0 million, an increase of 10% to 11% year-over-year.” On this news, the Company’s share price fell $47.62, or over 28%, to close at $121.38 per share on August 7, 2020, thereby injuring investors. The stock price continued to decline over the next trading session by $12.15, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77, or 35%.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and (4) that, 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.
If you acquired Alteryx securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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