fbpx

Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Diebold Nixdorf, Incorporated Investors (DBD)

45 Views

LOS ANGELES–(BUSINESS WIRE)–$DBD #CLASSACTIONGlancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, captioned City of Dearborn Heights ACT 345 Police and Fire Retirement System v. Diebold Nixdorf, Incorporated et al., (Case No. 1:19-cv-06514), on behalf of persons and entities that purchased or otherwise acquired Diebold Nixdorf, Incorporated (NYSE: DBD) (“Diebold Nixdorf” or the “Company”) securities between February 14, 2017 and July 4, 2017, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have until September 3, 2019 to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

On July 5, 2017, the Company disclosed that it expected a wider net loss than prior guidance for fiscal 2017, from a range of $50 to $75 million to a range of $110 to $125 million net loss. The Company attributed the lowered expectations to a “delay in systems rollouts” as well as “a longer customer decision-making process and order-to-revenue conversion cycle.”

On this news, the Company’s share price fell $6.28, or nearly 23%, to close at $21.20 per share on July 5, 2017, 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, as a result of the Wincor acquisition and related integration, the Company was less focused on its core business; (2) that the Company expected certain customers would not renew their service contracts (i.e. contract runoff); (3) that the Company was not adequately prepared to staff service technicians; (4) that, as a result of the expected contract runoff, the Company would suffer a shortage of adequately trained service technicians; (5) that, as a result, the Company would suffer margin pressure in its services segment; (6) that, as a result of the foregoing, the Company would lose market share; and (7) 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Diebold Nixdorf securities during the Class Period, you may move the Court no later than September 3, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

leverton

I have been involved with publishing and marketing for the past 37 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.For people who love to save money and earn while saving, there is a new program called the r network. You are provided with a card that entitles the user to automatic savings on more than 300,000 products. Learn more about the revv card today. This is by invitation only to be some of the first people to get this card.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.com for scheduling information.

You May Also Like