SAN DIEGO & NORTH CANTON, Ohio–(BUSINESS WIRE)–$DBD #ClassAction–Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Diebold Nixdorf, Incorporated (NYSE: DBD) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between February 14, 2017 and July 4, 2017. Diebold Nixdorf offers connected commerce solutions to financial institutions and retailers in a variety of global regions. In 2016, Diebold Nixdorf changed its name from Diebold to Diebold Nixdorf following its acquisition of Wincor Nixdorf AG.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/diebold-nixdorf-incorporated-jul-19/
Diebold Nixdorf Accused of Misleading Shareholders
According to the complaint, Diebold Nixdorf touted its large, multi-year contract renewals with its two largest outsourcing customers, claiming it “[was] a testament to [its] strong competitive position and a confirmation of [its] services-led, software-enabled strategy.” However, these statements were materially false and misleading as they failed to mention that Diebold Nixdorf expected certain other customers would not renew their service contracts, therefore causing a shortage of adequately trained service technicians, which would negatively impact its service business and operations. The reality of Diebold Nixdorf’s situation was finally disclosed in July 2017, when Diebold Nixdorf lowered its guidance for fiscal 2017 due to longer customer decision-making and order-to-revenue conversion cycles as well as systems rollout delays. On this news, Diebold Nixdorf’s stock price fell $6.28, or nearly 23%, to close at $21.20 per share. The stock currently trades at just $9.95.
Diebold Nixdorf Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected] or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Check out Stock Watch, our free investment monitoring program for shareholders.
Attorney Advertising. Past results do not guarantee a similar outcome.