Tintri, Inc., Executives Facing Securities Lawsuit Months After IPO

New to ClassAction.org? Read our Newswire Disclaimer

Tintri, Inc. and two of its top executive officers are facing a proposed class action alleging that they misled the investing public during Tintri’s initial public offering (IPO) by issuing statements touting the company’s projected success despite knowing the transaction had negatively affected overall performance. The suit claims the registration statement filed in connection with the IPO – which the complaint says generated approximately $60 million – contained false statements regarding the defendants’ growth strategy.

According to the suit, the defendants released their second-quarter results a few months later and reportedly admitted that Tintri’s revenue for that period was “at the low end of [their] expectations” due to “distraction, disruption, and sales attrition” experienced during the IPO. Since the release of this news, Tintri stock prices have decreased to less than 65 percent of their IPO price, the complaint claims, thereby injuring stockholders.