NEW YORK, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Alteryx, Inc. (“Alteryx” or the “Company”) (NYSE: AYX) and certain of its officers. The class action, filed in United States District Court for the Central District of California, and docketed under 20-cv-01886, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Alteryx securities between May 6, 2020 and August 6, 2020, inclusive (the “Class Period”). Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Alteryx securities during the class period, you have until October 19, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Alteryx is a data analytics company that offers a subscription-based platform for customers to access, prepare, and analyze data from a multitude of sources, then deploy and share analytics at scale to make data-driven decisions.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) that the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (ii) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (iii) that, as a result, and because of the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and (iv) 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.
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 the 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 per share, 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 per share, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77 per share, or over 35%.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.