BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of Aerohive Networks, Inc. (“Aerohive” or the “Company”) (NYSE:HIVE) concerning possible violations of federal securities laws. The investigation is focused on the Company’s business and financial prospects.
Aerohive, together with its subsidiaries, designs and develops a cloud-managed mobile networking platform that enables enterprises to deploy a mobile-centric access point, or “network edge,” at which devices access the enterprise network. The investigation is related to the Company’s October 13, 2014, announcement of its preliminary financial results for the third quarter of fiscal year 2014 ended September 30, 2014. Among other things, the Company announced expected revenue for the third quarter to be approximately $34.5 million to $35.5 million, which is below the Company’s previously stated guidance of $38 million to $40 million, and an anticipated third quarter net loss per share in the range of $0.18 to $0.16, compared with the Company’s previously stated guidance of $0.16 to $0.14. According to the Company, the revenues below prior guidance were the result of “weaker-than-expected order volume…primarily in our less-developed sales territories where sales capacity is not ramping as quickly as expected and performance has been inconsistent.” Following this news, the price of Aerohive shares dropped more than 32%, or $2.14 per share, to close at $4.49 per share on October 13, 2014.
If you purchased Aerohive shares, if you have information or would like to learn more about these claims, 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 http://www.howardsmithlaw.com.