MobileIron Announces Dismissal of Class Action Lawsuit by United States District Court
MOUNTAIN VIEW, Calif., March 16, 2016 /PRNewswire/ -- MobileIron (NASDAQ: MOBL), the leader in mobile enterprise security, announced today that the United States District Court for the Northern District of California has dismissed, with prejudice, the Panjwani v. MobileIron, Inc., et al. securities class action that was filed on May 1, 2015 against the Company and certain of the Company's officers.
The lawsuit alleged that the company violated the Securities and Exchange Act of 1934 by issuing a false and misleading forecast for the first quarter of 2015. The Company moved to dismiss the case. On February 22, 2016, the District Court issued an order granting MobileIron's motion to dismiss finding that the Company's forecast was a forward-looking statement accompanied by meaningful cautionary language.
The Court's order permitted Plaintiffs to file an amended complaint within 21 days. However, on March 11, 2015, Company and Plaintiffs filed a stipulation agreeing that Plaintiffs would not file an amended complaint or otherwise appeal the Court's order and that Plaintiffs' case would be dismissed with prejudice. No money was exchanged as part of this agreement. On March 14, the Court dismissed this federal case.
MobileIron provides the secure foundation for companies around the world to transform into Mobile First organizations. For more information, please visit www.mobileiron.com.