Company name Anaplan, Inc.
Stock symbol PLAN
Status Class Action Complaint Filed

NEW YORK, September 30, 2020 –  – Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased Anaplan, Inc.  (NYSE: PLAN) common stock between November 21, 2019 and February 26, 2020 (the “Class Period”). Investors have until October 23, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On February 27, 2020, the Company announced that, although it slightly exceeded revenue guidance for the quarter ($98.2mm versus $97.5mm estimate), which grew at rate of 42% year-over-year, its calculated billings for the fourth quarter fell far short of expectations. 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 far less than the Company’s rate of revenue growth of over 40%.

In response to this shocking disclosure, that was in stark contrast to the management’s previous statement that the calculated billings growth rate would track the revenue growth rate, Anaplan’s stock price plummeted 25% in a single day, falling from $58.09 to $44.03, wiping out almost $2 billion in market capitalization. Financial news source Barron’s attributed the stock price decline to the slowing billings growth with an article titled “Anaplan stock plunges on concerns about slowing billings growth.”

The complaint, filed on August 24, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was undergoing sales organization and execution challenges; (2) these organizational challenges were causing the Company to miss on closing very important large deals; and (3) as a result, Anaplan’s financial guidance for “calculated billings growth” was baseless and unattainable. Further, while in possession of this material non-public information, Anaplan insiders dumped approximately $30 million worth of Anaplan stock at artificially inflated prices.

If you purchased Anaplan common stock during the Class Period and suffered a loss, are a long-term stockholder, have information, 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 Melissa Fortunato or Marion Passmore by email at  investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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Call to provide more information: Tel: (212) 355-4648

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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