SAN FRANCISCO, April 07, Apr 07, 2020 (GLOBE NEWSWIRE via COMTEX) -- SAN FRANCISCO, April 07, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in VMware, Inc. /zigman2/quotes/209864107/composite VMW +1.83% who have suffered significant losses to submit their losses now . A securities fraud class action has been filed and certain investors may have valuable claims.
|Class Period: Mar. 30, 2019 - Feb. 27, 2020|
|Lead Plaintiff Deadline: June 1, 2020|
|Sign Up: www.hbsslaw.com/investor-fraud/VMW|
|Contact An Attorney Now:||VMW@hbsslaw.com|
VMware, Inc. (VMW) Securities Class Action:
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company's financial performance. Specifically, the Complaint alleges that Defendants falsely represented and concealed that: (i) VMware's reporting with respect to its backlog of unfilled orders was not in compliance with all relevant accounting and disclosure requirements; (ii) the foregoing subjected the Company to a foreseeable risk of heightened regulatory scrutiny and/or investigation; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
The Complaint alleges that the truth emerged on Feb. 27, 2020, when after the market closed, the Company announced disappointing Q4 results and disclosed that in Dec. 2019 the SEC requested documents and information related to VMware's backlog and associated accounting and disclosures. Significantly, on the Q4 2019 earnings call, VMware disclosed that its total backlog was only $18 million, down massively from $449 million in the year-ago quarter. This news sent the price of VMware shares sharply lower the next day.
"We're focused on investors' losses and whether VMware may have manipulated its backlog metric," said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding VMware should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email VMW@hbsslaw.com .
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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