LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the March 28, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) 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.
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 or otherwise acquired Gigamon securities during the Class Period you may move the Court no later than March 28, 2017 to request appointment as lead plaintiff. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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