Investor Alert: Brower Piven Encourages Shareholders Who Have Losses in Excess of $100,000 From Investment in Extreme Network...
November 18 2015 - 6:24PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Northern
District of California on behalf of purchasers of Extreme Networks,
Inc. (Nasdaq:EXTR) (“Extreme Networks” or the “Company”) common
stock during the period between November 4, 2013 and April 9, 2015,
inclusive (the “Class Period”). Investors who wish to become
proactively involved in the litigation have until December 22, 2015
to seek appointment as lead plaintiff.
If you have suffered a loss from investment in
Extreme Networks common stock purchased on or after November 4,
2013 and held through the revelation of negative information during
and/or at the end of the Class Period, as described below, and
would like to learn more about this lawsuit and your ability to
participate as a lead plaintiff, without cost or obligation to you,
please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You
may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company common stock during the
Class Period. Brower Piven also encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that the
Company’s revenue growth depended on the successful integration of
Enterasys Networks, Inc., which Extreme Networks had acquired in
2013 but had not successfully integrated, which materially impaired
the Company’s ability to address persisting sales problems, and
that defendants did not have sufficient visibility into server
business plans of Lenovo, with which the Company had an alliance,
to support the Company’s quarterly and fiscal 2015 financial
forecasts.
According to the complaint, following the
Company’s April 9, 2015 announcement that it would miss its
guidance for the third quarter of 2015, that trading in its shares
had been halted and that the Company’s Chief Revenue Officer, hired
only six months earlier to manage the integration of the Extreme
Networks and Enterasys salesforces, was no longer with the Company,
the value of Extreme Networks shares declined significantly.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower
Piven without financial obligation or cost to you, or you may
retain other counsel of your choice. You need take no action
at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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