NEW YORK, Jan. 10, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against ForeScout Technologies, Inc. (NASDAQ: FSCT) ("ForeScout" or the "Company") in the United States District Court for the Northern District of California on behalf of those persons who purchased or acquired the securities of ForeScout Technologies between February 7, 2019 and October 9, 2019, inclusive (the "Class Period").
All investors who purchased shares of ForeScout Technologies, Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of ForeScout Technologies, Inc., you may, no later than March 2, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of ForeScout Technologies, Inc.
The filed Complaint alleges that, in February 2019, ForeScout issued a press release that provided fiscal full year 2019 ("FY19") revenue guidance of $363.1 million to $373.1 million, representing year-over-year growth of 24%. Then, the Complaint further alleges that in May 2019, ForeScout raised its FY19 revenue guidance to $365.3 million to $375.3 million. When asked about "deal slippage" the Company was facing, ForeScout assured analysts that "every one of those deals is still in pipeline... [ForeScout] [has] a high degree of confidence [the deals] close for the year...they've just slipped a little bit" and ended by stating "there's still plenty of pipeline to deliver upon the guidance [ForeScout has] given you for the full year."
Contrary to these assurances, on October 10, 2019, ForeScout announced disappointing third quarter 2019 financial results that lowered the quarter's revenue guidance to $90.6 million to $91.6 million from $98.8 million to $101.8 million, revealing that the Company was experiencing a material impact from the significant volatility it was facing in closing its large deals.
On this news, ForeScout's stock price fell $14.63 per share, or more than 37%, to close at $24.57 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
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