LOS ANGELES, April 13, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors of the upcoming April 20, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of HP Inc. (“HP” or the “Company”) (NYSE: HPQ) investors who purchased securities between February 23, 2017 and October 3, 2019, inclusive (the “Class Period”).
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.
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If you purchased or otherwise acquired HP securities during the Class Period, you may move the Court no later than April 20, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com