NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces the commencement of an investigation into Aerohive Networks, Inc. (NYSE:HIVE) (“Aerohive”) related to potential violations of federal securities laws. If you are an Aerohive shareholder, you are encouraged to contact Scott+Scott for additional information.
Aerohive (NYSE:HIVE) designs and develops cloud-managed mobile networking platforms, providing wireless networking to businesses. Aerohive’s cloud services platform delivers cloud-based network management and mobility applications to its end-customers.
On March 28, 2014, Aerohive conducted its Initial Public Offering (“IPO”) of its securities at $10 per share. On October 13, 2014, Aerohive issued guidance for its third fiscal quarter of 2014. The Company said it was expecting a loss for the quarter of 16¢-18¢ per share, an increase is losses from the previous guidance of 14¢-16¢ per share loss. Revenue guidance was lowered to $34.5 million-$35.5 million, down from $38 million-$40 million. On this news, Aerohive’s stock price dropped 32%, from $6.63 on October 10 to $4.49 on October 13. Aerohive is currently trading at $4.77 per share.
Also on October 13, 2014, the President and Chief Executive Officer of Aerohive, David Flynn, stated in an Aerohive press release that “[a]s [Aerohive] approached the end of the third quarter we saw weaker-than-expected order volume that led to revenues below our prior guidance. The Q3 shortfall was primarily in our less-developed sales territories where sales capacity is not ramping as quickly as expected and performance has been inconsistent.” Aerohive is currently trading at approximately $4.17 per share.
What You Can Do
If you are an Aerohive shareholder and you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joseph Halloran at (800) 404-7770 or (646) 582-0121 or via email at firstname.lastname@example.org.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.