Law Offices of Howard G. Smith reminds investors of the upcoming October 19, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Alteryx, Inc. ("Alteryx" or "the Company") (NYSE: AYX) securities between May 6, 2020 and August 6, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Alteryx investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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 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, 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, or 10%, to close at $109.23 per share on August 10, 2020, representing a cumulative decline of $59.77, or 35%.
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 to investors: (1) that the Company was unable to close large deals within the quarter and deals were pushed out to subsequent quarters or downsized; (2) that, as a result, Alteryx increasingly relied on adoption licenses to attract new customers; (3) that, as a result and due to the nature of adoption licenses, the Company’s revenue was reasonably likely to decline; and (4) 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.
If you purchased or otherwise acquired Alteryx securities during the Class Period, you may move the Court no later than October 19, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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