August 5, 2024
A Utah federal judge has given his preliminary blessing to Pluralsight Inc.’s proposed $20 million settlement with a certified class of investors accusing the cloud-based and video training courses provider of securities fraud, according to an order issued Friday.
U.S. District Judge David Barlow granted preliminary approval of the deal, which would put to rest investors’ claim that Pluralsight and its top brass misled them about the company’s sales force productivity and future billings growth. In the short order, the judge found the deal fair, reasonable and adequate to the class and stayed the litigation pending a January settlement hearing.
Judge Barlow also signed off on the investors’ plan for notifying class members.
Under the deal, Pluralsight will pay $20 million in cash to potentially thousands of investors who purchased stock between Jan. 16, 2019, and July 31, 2019.
. . .
Carol V. Gilden, a Cohen Milstein Sellers & Toll PLLC partner representing the investors, said in a statement Friday, “We are very pleased that the court granted preliminary approval of this settlement.”
“We look forward to bringing this hard-fought, certified class action to a close,” Gilden said.
Pluralsight didn’t immediately respond to a request for comment late Monday.
The investors are represented by Carol V. Gilden, Steven J. Toll and Jan E. Messerschmidt of Cohen Milstein Sellers & Toll PLLC and Keith M. Woodwell of Clyde Snow & Sessions PC.
Read Pluralsight’s $20M Settlement With Investors Gets Initial OK.