BENSALEM, Pa.–(BUSINESS WIRE)–$DBD #classaction–Law Offices of Howard G. Smith announces an expanded class period in the class action lawsuit filed on behalf of investors who purchased Diebold Nixdorf, Incorporated (“Diebold Nixdorf” or the “Company”) (NYSE: DBD) securities between February 14, 2017 and July 4, 2017, inclusive (the “Class Period”). Diebold Nixdorf investors have until September 3, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Diebold Nixdorf 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 [email protected].
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.
If you purchased shares of Diebold Nixdorf, have information, would like to learn more about these claims, or 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 protected], or visit our website at www.howardsmithlaw.com.
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