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SAN FRANCISCO, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Carbonite, Inc. (NASDAQ: CARB) to the securities class action, Luna v. Carbonite, Inc. et al., No. 1:19-cv-11662 filed in the U.S. District Court for the District of Massachusetts.
If you invested in Carbonite between February 7, 2019 and July 25, 2019 (the “Class Period”) and suffered losses you do not need to sign up to be included in the putative class of investors.
If you suffered significant losses (in excess of $50,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.
If you wish to serve as a lead plaintiff in this class action, you must move the Court no later than September 30, 2019 (the “Lead Plaintiff deadline”). Contact Hagens Berman immediately for more information about the case and being a lead plaintiff:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
According to the Complaint, Defendants misled investors about the technological quality of the Company’s Server Backup VM Edition and its potential to add “meaningfully” to Carbonite’s financial performance for fiscal 2019. In truth, according to the Complaint, the Server Backup VM Edition’s functionality was of poor quality and suffered from technological flaws, received poor customer reviews and complaints, and caused disruption within Carbonite’s salesforce.
On July 25, 2019, the market learned the truth when Carbonite announced that it was withdrawing the Server Backup VM Edition product from the marketplace and consequently dramatically lowered its financial projections for fiscal 2019 and 2020. That same day, Carbonite’s CEO Mohamad S. Ali – the strongest proponent and supporter of Server Backup VM Edition – abruptly stepped down.
On this news, Carbonite stock declined nearly 25%, wiping out over $200 million in market capitalization.
“We’re focused on are investors’ losses and whether Carbonite misled investors about the quality and functionality of its Server Backup VM Edition product,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Carbonite should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email CARB@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000