NEW YORK, Aug. 24, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Carbonite, Inc. ("Carbonite" or the "Company") (NASDAQ: CARB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Carbonite and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 25, 2019, Carbonite announced that it was withdrawing its Server Backup VM Edition product from the marketplace and consequently dramatically lowered its financial projections for fiscal 2019 and 2020. That same day, Chief Executive Officer Mohamad S. Ali, a strong proponent and supporter of Server Backup VM Edition, announced his departure from Carbonite.
On this news, Carbonite's stock price fell $5.89 per share, or 24.64%, to close at $18.01 per share on July 26, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP