The investigation focuses on Nutanix’s prior assurances that its financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) and that it maintained effective internal controls over financial reporting.

On March 6, 2023, Nutanix abruptly announced that it would not be timely filing its quarterly financial report for the quarter ended January 31, 2023. The company said its audit committee, with the support of outside counsel, is “conducting an investigation.” following management’s determination that certain evaluation software from one of the company’s third-party vendors was instead used for interoperability testing, validation, and customer proofs of concept over a period of years.” Nutanix also revealed that “[i]It is likely that additional costs would be incurred for the additional use of the software.”

This news caused the price of Nutanix shares to fall sharply on March 7, 2023.

“We are focused on investor losses, whether Nutanix may be materially underspending, and whether a restatement of Nutanix’s previously reported financial results may be warranted,” said Reed Kathrein, the partner at Hagens Berman leading the investigation.

If you have invested in Nutanix and are experiencing significant losses or have knowledge that could assist the Company’s investigations, Click here to discuss your legal rights with Hagens Berman.

Whistleblower: Those with nonpublic information about Nutanix should consider their options to assist in the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30…