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NEW YORK, NY / ACCESSWIRE / July 18, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.
A. O. Smith Corporation (AOS)
If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/a-o-smith-corporation-loss-submission-form?prid=2491&wire=1
Lead Plaintiff Deadline: July 29, 2019
Class Period: July 26, 2016 to May 16, 2019
Allegations against AOS include that: (a) A.O. Smith had undisclosed business connections and entanglements with UTP through which it funneled up to 75% of its China product sales; (b) A.O. Smith had used UTP to engage in channel stuffing by artificially inflating inventories purportedly sold through distributors that were not based on consumer demand, thereby approximately doubling the normal level of inventory at such distributors; (c) A.O. Smith had used its UTP relationship to artificially inflate the sales figures it reported to investors by as much as 8% and to conceal worsening sales trends that the Company was experiencing in China; (d) A.O. Smith’s sales growth had been primarily in lower margin products as its higher priced products were being undercut by competition in “second-tier” Chinese cities, causing the Company to experience significant margin pressures; (e) A.O. Smith had increased its cash reserves in China to over $530 million in furtherance of its channel stuffing and sales manipulation scheme, encumbering the Company’s ability to repatriate the cash or use it for capital expenditures; and (f) as a result of (a)-(e) above, A.O. Smith’s business, operations, and prospects were significantly worse than publicly represented and the Company was poised for sales and earnings declines in China, its most important international market.
Pivotal Software, Inc. (PVTL)
If you suffered a loss, contact us at: http://www.wongesq.com/pslra-1/pivotal-software-inc-loss-submission-form?prid=2491&wire=1
Lead Plaintiff Deadline: August 19, 2019
Class Period: investors who purchased common stock pursuant or traceable to the April 2018 initial public offering and/or Pivotal securities between April 24, 2018 and June 4, 2019.
Allegations against PVTL include that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.