The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of HP Inc. Investors (HPQ)
11 April 2020 - 5:28AM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired HP Inc. (“HP” or the “Company”)
(NYSE: HPQ) securities between February 23, 2017 and October 3,
2019, inclusive (the “Class Period”). HP investors have until
April 20, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On October 3, 2019, after the market closed, HP announced that
it was "departing from the purely transactional Supplies-centric
business model" and moving away from using the four-box model,
transitioning instead to a hardware-driven business model. The
Company also announced mass layoffs as part of a major
restructuring, in which it expected to cut between 7,000 to 9,000
positions, or up to 16% of its global workforce, over three
years.
On this news, the Company’s share price fell $1.72, or nearly
10%, to close at $16.64, on unusually high trading volume.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose that: (1) the four-box model was severely deficient and
not a strong predictor of Supplies demand and outcomes, because HP
lacked telemetry data from its commercial printers and had to use
unreliable and stagnant market share data to develop assumptions
for the four-box model; (2) the lack of telemetry data for
commercial printing was a critical shortcoming of the four-box
model because HP possessed telemetry data on its personal printing
side and knew it was a necessary element for an accurate
understanding of the Supplies channel; and (3) as a result, the
Supplies inventory in the Company’s channel exceeded demand by at
least $100 million and HP’s Supplies revenue growth was grossly
inflated.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased HP securities during the Class Period, you may
move the Court no later than April 20, 2020 to ask the Court
to appoint you as lead plaintiff. To be a member of the Class you
need not take any action at this time; you may retain counsel of
your choice or take no action and remain an absent member of the
Class. If you purchased HP securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200410005225/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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