NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities that acquired Acacia Communications, Inc. (ACIA) securities during the period from August 11, 2016 through July 13, 2017 (the “Class Period”). Investors have until October 13, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that throughout the Class Period, Acacia failed to disclose that: (i) Acacia’s quality control and manufacturing processes were deficient; and (ii) those deficiencies were likely to disrupt Acacia’s manufacturing and impact its revenues.
On July 14, 2017, Acacia issued a press release announcing the Company's preliminary financial and operating results for the quarter ended June 30, 2017. The Company reported profit and revenue that missed estimates, and revised its current-quarter guidance downward. Acacia stated that the Company's "second-quarter results were adversely affected by the quality issue identified at one of [their] three contract manufacturers that [they] announced on May 31."
Following this news, Acacia's share price fell from $41.62 to $39.00, a decline of $2.62 per share, on July 14, 2017.
If you purchased or otherwise acquired Acacia securities during the Class Period and suffered a loss, or continue to hold shares purchased prior to the Class Period and would like to learn more about these claims, or have any information or questions concerning this announcement or your rights or interests with respect to these matters, please contact Sarah Lynch by email at slynch@kmllp.com, by telephone at (212) 371-6600, or by filling out this contact form. There is no cost or obligation to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. Kirby McInerney’s efforts on behalf of shareholders have resulted in recoveries totaling billions of dollars. Additional information about the firm or the claims against Acacia can be found at Kirby McInerney LLP’s website: www.kmllp.com.
