Class Action Complaint Filed Vs. Tintri by Robbins Arroyo

Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Tintri, Inc. in the U.S. District Court for the Central District of California.

The complaint is brought on behalf of all purchasers of Tintri securities pursuant to the company’s Registration Statement and Prospectus issued in connection to the company’s IPO on or about June 30, 2017, for alleged violations of the Securities Act of 1933 by officers and directors.

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 in the United States and internationally.

Tintri Accused of Filing Misleading Registration Statement and Prospectus
According to the complaint, in connection with its IPO, Tintri represented in its Registration Statement and Prospectus that the company was intending to extend their position as a leader in providing enterprise cloud solutions to large organizations and CSPs in accordance to their growth strategy. However, the complaint alleges that the firm failed to disclose that during and after the company’s IPO the company was experiencing waning sales. On September 7, 2017, the firm held an earnings conference call for the second quarter of 2018 during which Tintri CEO stated “Q2 revenue grew 27% over the same quarter a year ago, at the low end of our expectations,” and explained that “distraction, disruption and some sales attrition occurred during and after our IPO.”

On this news, stock plummeted and now currently trades below $5.00 per share – less than 65% of its IPO price.

Read also:
Tintri Investigated by Kahn Swick & Foti
For possible securities fraud
2017.09.11 | Press Release