BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Gigamon Inc. (“Gigamon” or the “Company”) (NYSE: GIMO) securities between October 27, 2016 and January 17, 2017, inclusive (the “Class Period”). Gigamon investors have until March 28, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Gigamon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On January 17, 2017, the Company issued a press release entitled “Gigamon Announces Preliminary Fourth Quarter and Fiscal Year 2016 Results.” Therein, the Company disclosed preliminary fourth quarter 2016 revenue of “$84.5 million to $85.0 million, compared to the company’s prior guidance of $91 million to $93 million.” The press release also quoted Defendant Paul Hooper as stating “fourth quarter revenue was below our prior guidance” and that “[f]ourth quarter revenue fell short primarily due to lower than expected product bookings in our North America West region, as several significant existing customer accounts deferred purchasing decisions into 2017.”
On this news, the price of Gigamon common stock fell $12.65 per share, or 28.7%, to close at $31.40 per share on January 18, 2017, thereby injuring investors.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Gigamon was experiencing reduced product bookings in its North America West region; (2) that several of the Company’s significant customers were deferring purchasing decisions into 2017; (3) that the Company failed to properly include these trends in its financial guidance; and (4) that, as a result of the foregoing, Defendants’ statements about Gigamon’s business, operations, and prospects, including statements about its revenue guidance, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Gigamon during the Class Period you may move the Court no later than March 28, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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