BENSALEM, Pa., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming March 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Forescout Technologies, Inc. (“Forescout” or the “Company”) (NASDAQ: FSCT) securities between February 7, 2019 and October 9, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Forescout 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 howardsmith@howardsmithlaw.com.
On October 10, 2019, before the market opened, Forescout reduced third quarter 2019 revenue guidance to $90.6 million to $91.6 million, compared to prior guidance of $98.8 million to $101.8 million, due to “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, Forescout’s stock price fell $14.63 per share, or more than 37%, to close at $24.57 per share on October 10, 2019, thereby injuring investors.
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 Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa; (2) that the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (3) that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Forescout securities during the Class Period, you may move the Court no later than March 2, 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com