We are investigating Anaplan, Inc. (PLAN) (“Anaplan” or the “Company”) for potential violations of the federal securities laws. On February 27, 2020, Anaplan announced that, although it slightly exceeded revenue guidance for the quarter, which grew at rate of 42% year-over-year, its calculated billings for the fourth quarter fell short of consensus. Specifically, billings were only $126 million, representing a growth rate of 25%, which was well below consensus estimates of $138 million, and roughly half of the Company’s historical growth rates of 46% to 59%, and significantly less than the Company’s rate of revenue growth of over 40%. These reported earnings contrasted management’s previous representation that calculated billings growth rate would track revenue growth rate. In explaining this shortfall, the Company cited “management changes,” which resulted in the inability to close some large deals at the end of the quarter, and also announced that its Chief Growth Officer was leaving after only a few months on the job. Analysts immediately pointed out that the billings growth rate had fallen to half its historical rate, and that the “significant drop” in billings was a strong sign of a business in trouble. On this news, Anaplan’s stock price fell $14.06 per share, or 24.20%, to close at $44.03 per share on February 27, 2020.