BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the October 13, 2017 deadline in the class action lawsuit filed on behalf of investors that purchased 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 email@example.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 during the Class Period you may move the Court no later than October 13, 2017 to ask the Court to appoint you 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 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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