… As Well as Former Louisiana Attorney General: Kahn Swick & Foti

Kahn Swick & Foti, LLC and KSF partner, former attorney general of Louisiana, Charles C. Foti, Jr., remind investors that they have until September 30, 2019 to file lead plaintiff applications in a securities class action lawsuit against Carbonite, Inc., if they purchased the company’s shares between February 7, 2019 and July 25, 2019, inclusive.

This action is pending in the United States District Court for the District of Massachusetts.

Carbonite and certain of its executives are charged with failing to disclose material information during the class period, violating federal securities laws.

On July 25, 2019, the company disclosed that it was pulling its Server Backup VM Edition software product from the marketplace, reducing its financial projections for FY19 and FY20, and that its CEO had resigned.

On this news, the price of firm’s shares plummeted nearly 25%, wiping out over $200 million in market capitalization.

Read also:
Attorney Ademi & O’Reilly Investigates Possible Securities Fraud of Carbonite
As Server VM Edition, launched in October 2018, was technically substandard, of poor quality, and being rejected by customers.
July 31, 2019 | Press Release