The Law Offices of Frank R. Cruz reminds investors of the upcoming January 4, 2021, deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased HP Inc. (“HP” or the “Company”) (NYSE: HPQ) common stock between November 6, 2015 and June 21, 2016, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On June 21, 2016, after the market closed, HP revealed that it would reduce its Supplies channel inventory by $450 million, resulting in a corresponding reduction of $450 million in Supplies revenue over the remainder of 2016.
On this news, HP’s stock price fell $0.72, or 5.4%, to close at $12.61 per share on June 22, 2016.
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: (1) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers that did not need or want the product in order to artificially increase revenues and profits; (2) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers outside of designated regions at unsustainable discounts in order to artificially increase revenues and profits; (3) that HP’s channel inventory management and sales practices resulted in the sale of supplies at steep discounts to customers to encourage those customers to sell the supplies further down the supply channel, out of HP’s inventory management metrics; and (4) that, as a result of the foregoing, defendants’ statements about the Company’s business condition and prospects were materially false and misleading when made.
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If you purchased or otherwise acquired HP securities during the Class Period, you may move the Court no later than January 4, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201230005047/en/
Contacts:
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
