INVESTOR ALERT: Kirby McInerney LLP Announces Extended Lead Plaintiff Deadline in the Securities Lawsuit Pending Against A10 ...
July 06 2018 - 4:06PM
Business Wire
The law firm of Kirby McInerney LLP gives notice of the revised
lead plaintiff deadline in the securities lawsuit pending against
A10 Networks, Inc. (NYSE:ATEN) (“A10 Networks” or the “Company”)
and certain of its officers (“Defendants”). The caption for the
action is: Shah v. A10 Networks, Inc. et al., Case No.
3:18-cv-01772-VC, pending in the United States District Court for
the Northern District of California before the Honorable Vince
Chhabria, U.S.D.J.
The operative complaint, filed on March 22, 2018 on behalf of a
proposed class consisting of persons and entities that acquired A10
Networks securities between February 9, 2016 and January 30, 2018,
inclusive, alleges that Defendants violated federal securities
laws. Specifically, the complaint alleges that Defendants made
false and/or misleading statements and/or failed to disclose that:
(1) A10 Networks had issues with its internal controls that
required an Audit Committee investigation; (2) A10 Networks’
revenues since the fourth quarter of 2015 were false due to
improper revenue recognition which prompted an investigation by the
Company’s Audit Committee; and (3) as a result, Defendants’ public
statements were materially false and misleading at all relevant
times. The initial deadline to move for lead plaintiff was May 21,
2018, and on June 29, 2018, the Court denied those motions without
prejudice and reopened the lead plaintiff process, with a revised
lead plaintiff deadline of July 27, 2018.
On January 16, 2018, A10 Networks announced that it expected
fourth quarter 2017 revenue to be between $55.5 million and $56
million, which was below its prior guidance of $64 million to $67
million. Following this news, the stock price of A10 Networks fell
$0.99 per share, or 13.5%, to close at $6.32 on January 17,
2018.
On January 30, 2018, A10 Networks disclosed that the Company’s
Audit Committee was investigating the Company’s revenue recognition
practices from the fourth quarter of 2015 through the fourth
quarter of 2017, inclusive, and that, in the fourth quarter of
2017, the Company determined that a mid-level employee within its
finance department had violated the Company’s Insider Trading
Policy and Code of Conduct. Following these disclosures, the stock
price of A10 Networks fell $0.86 per share, or 12.3%, to close at
$6.13 per share on January 31, 2018.
If you purchased or otherwise acquired A10 securities, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by
email at telrod@kmllp.com, or by filling out
this contact form, to discuss your rights or interests with
respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, whistleblower, and consumer
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars, and the firm’s achievements and quality of service have
been chronicled in numerous published decisions. Additional
information about the firm can be found at Kirby McInerney LLP’s
website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20180706005421/en/
Kirby McInerney LLPThomas W. Elrod, Esq.,
212-371-6600telrod@kmllp.comhttps://www.kmllp.com
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