Class Action Lawsuits Vs. Nutanix

This website has been established to provide general information related to the pendency and proposed settlement of the following class action lawsuits referred to as In re Nutanix, Inc. Securities Litigation, No. 3:19-cv-01651-WHO (N.D. Cal.) and John P. Norton, on behalf of the Norton Family Living Trust UAD 11/15/2002 v. Nutanix, Inc., et al., No. 3:21-cv-04080-WHO (N.D. Cal.), and pending before the Honorable William H. Orrick in the United States District Court for the Northern District of California. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement dated April 7, 2023, which can be found and downloaded by clicking on the case documents tab above.

The law firms of Robbins Geller Rudman & Dowd LLP and Levi & Korsinsky, LLP represent you and other class members. You will not be charged for these lawyers. They will be paid from the settlement fund to the extent the court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

What is this lawsuit about?
Plaintiffs allege that during the period between November 30, 2017 and May 30, 2019, defendants made materially false or misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b?5 promulgated thereunder, which caused the price of Nutanix securities and publicly traded options to trade at artificially inflated prices.

Specifically, plaintiffs allege that contrary to defendants’ statements during the class period that Nutanix was making significant investments in sales and marketing while maintaining high profit margins, defendants had actually decreased Nutanix’s lead generation spending, which in turn “drove” higher margins and resulted in weak guidance. Plaintiffs allege that the truth did not begin to come to light until February 28, 2019, when defendants announced the company’s financial results for 2FQ19, revealing that despite their class period statements, Nutanix had held flat or decreased the “key” driver of its pipeline – lead generation.

Plaintiffs allege a second corrective disclosure occurred on May 30, 2019, when defendants allegedly revealed their sales pipeline and execution problems were far worse than previously disclosed, and would cause Nutanix to suffer Y/Y declines in several key metrics and miss the low end of revenue and billing targets set just a quarter earlier. Plaintiffs allege that persons who purchased or acquired Nutanix securities and/or publicly traded options during the class period suffered economic losses when the price of Nutanix securities and publicly traded options declined as a result of the 2 alleged corrective disclosures revealing the issues in Nutanix’s sales pipeline to investors.

If you purchased or otherwise acquired Nutanix securities between November 30, 2017 and May 30, 2019, inclusive; and/or transacted in publicly traded call options and/or put options of Nutanix during the class period, you are a class member.

Excluded from the class are Nutanix and its subsidiaries and affiliates, the individual defendants, any of defendants’ respective officers and directors at all relevant times, and any of their immediate families, legal representatives, heirs, successors, or assigns, and any entity in which any defendant has or had a controlling interest. Also excluded from the class are any persons or entities who exclude themselves by submitting a request for exclusion in connection with the notice that is accepted by the court.

What does the settlement provide?
The settlement provides that, in exchange for the release of the released claims and dismissal of the actions, Nutanix will pay $71,000,000 in cash, plus any interest earned thereon, less all taxes, tax expenses, notice and administration expenses, approved attorneys’ fees and expenses, and any other fees or expenses approved by the court. The net settlement fund shall be distributed, pro rata, to class members who submit timely and valid proof of claim and release forms to the claims administrator according to the plan of allocation which is actions.

Aditional information
Although the information on this website is intended to assist you, it does not replace the information contained in the notice and the stipulation.

Your legal rights and options in this settlement

Do nothing
Get no payment. Remain a class member. Give up your rights.

Remain a member of the class and submit a claim form postmarked or submited online no later than September 2, 2023
This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the class, you will need to submit a claim form, postmarked or submitted online no later than September 6, 2023.

Exclude yourself from the class by submitting a request for exclusion that is postmarked no later than September 13, 2023
Get no payment. This is the only option that potentially allows you to ever be part of any other lawsuit vs. the defendants or any other released defendant parties about the legal claims being resolved by this settlement. Should you elect to exclude yourself from the class, you should understand that defendants and the other released defendant parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose.

Object of the settlement so that it is filed or postmarked no later than September 13, 2023
Write to the court about your view on the settlement, or why you do not think the settlement is fair to the class. You will still be a class member. You must still submit a claim form in order to be potentially eligible to receive any money from the settlement fund. If you submit a written objection, you may (but do not have to) attend the hearing.

Go to the hearing on October 1, 2023 and file a notice of intention to appear so that it ii postmarked no later than September 13, 2023
Ask to speak in court about the fairness of the settlement, the proposed plan of allocation, or the request for attorneys’ fees and litigation expenses.

Important dates and deadlines