Pomerantz LLP announces that a class action lawsuit has been filed against Tableau Software, Inc. ("Tableau" or the "Company") and certain of its officers. The class action, filed in United States District Court, Western District of Washington, Seattle Division, and docketed under 17-cv-01175, is on behalf of a class consisting of investors who purchased or otherwise acquired Tableau securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
Tableau is a business analytics software company that produces interactive data visualization products and is focused on business intelligence. The Company develops business intelligence software designed to retrieve large volumes of data and quickly generate interactive dashboards, reports, and other data visualization tools with products like Tableau Desktop, Tableau Public, and Tableau Server.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) product launches and upgrades by major software competitors were negatively impacting Tableau's competitive position and profitability; and (ii) as a result of the foregoing, Tableau's public statements were materially false and misleading at all relevant times.
On July 29, 2015, Tableau reported a sharp deceleration in its license revenue growth, causing analysts to question whether competitors were hurting the Company's sales. In spite of this softening of growth, the Company increased its guidance for full-year revenue to between $617 and $627 million.
On this news, Tableau's stock fell $13.58 per share, or 10.69%, to close at $113.49 per share on July 29, 2015.
On January 7, 2016, Tableau disclosed that Kelly Wright, then Executive Vice President of Sales, would leave the Company by December 31, 2016.
Following this news, the Company's stock price fell $2.14 per share, or 2.42%, to close at $86.43 per share on January 8, 2016.
On February 4, 2016, as part of its earnings announcement, Tableau disclosed its slowing revenue. For the related earnings call, the Company's Chief Executive Officer Christian Chabot finally stated that "the competitive dynamic has become more crowded and difficult."
In reaction to these revelations, Tableau's stock price fell $44.53 per share over the following two trading days, or 54.47%, to close at $37.22 per share on February 8, 2016, wiping out billions of dollars in market capitalization and completely realigning the market's perception of Tableau's competitive position and potential profitability.