BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that Acacia Communications, Inc. (“Acacia” or the “Company”) (NASDAQ: ACIA) securities between August 11, 2016 and July 13, 2017, inclusive (the “Class Period”). Acacia investors have until October 13, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Acacia 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 howardsmith@howardsmithlaw.com.
On July 14, 2017, the Company disclosed that its second quarter results were “adversely affected by the quality issue identified at one of our three contract manufacturers that we announced on May 31.” According to the Company, the quality issue was likely related to a circuit board cleaning process.
On this news, the Company’s share price fell $2.62 or 6% to close at $39.00 on July 14, 2017, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, the Company made materially false and/or misleading statements, including misleading investors: (1) that the Company was experiencing declining demand for its products from important customers; (2) that the Company’s manufacturing quality control system was inadequate; (3) that, as a result, the Company’s manufacturing process was causing certain of the Company’s units to be unsaleable; and (4) that, as a result of the foregoing, Defendants’ statements about Acacia’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Acacia, have information or would like to learn more about these claims, or 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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