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Press Release: Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Box, Inc.


RADNOR, Pa., June 14, 2019 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against Box, Inc. (NYSE:  BOX) (“Box”) on behalf of those who purchased or otherwise acquired Box securities between November 28, 2018 and June 3, 2019, inclusive (the “Class Period”).
Important Deadline:  Investors who purchased Box securities during the Class Period may, no later than August 5, 2019, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit www.ktmc.com/box-inc-securities-class-action.According to the complaint, Box provides a cloud content management platform that enables secure access to content.The Class Period commences on November 28, 2018, when Box announced its third quarter 2018 financial results.The complaint alleges that, on February 27, 2019, Box reported fourth quarter revenue that fell below investors’ expectations, citing longer sales cycles for seven-figure deals. Following this news, Box’s share price fell $4.64, or nearly 19%, to close at $20.24 on February 28, 2019.Then, on June 3, 2019, after the market closed, Box lowered its fiscal 2020 revenue outlook to a range of $688 million to $692 million, from previous guidance of $700 million to $704 million, again citing longer sales cycles for its larger deals.  Following this news, Box’s share price fell as much as $1.30, or more than 7%, to close at $17.18 per share on June 4, 2019.The complaint further alleges that defendants Dylan Smith (“Smith”), the Chief Financial Officer during the Class Period, and Daniel J. Levin (“Levin”), a director of Box during the Class Period, took advantage of the artificially inflated price of Box stock resulting from the false statements by selling a significant amount of their personally held shares in the days and weeks preceding the February 27, 2019 and June 3, 2019 disclosures.  Smith received proceeds of $1,699,589 from selling approximately 7% of his holdings. Levin received proceeds of $3,801,032 from selling...


Posted: 2019-06-14 22:37:00

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