LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Acacia Communications, Inc. (“Acacia” or the “Company”) (Nasdaq: ACIA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between August 11, 2016, and July 13, 2017, inclusive (the “Class Period”), are encouraged to contact the firm before October 13, 2017, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at email@example.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, Acacia made materially false and/or misleading statements, and/or failed to disclose: that its manufacturing and quality control processes were deficient; that the foregoing deficiencies were likely to disrupt the Company’s manufacturing and impact its revenues; and that as a result of the above, Acacia’s public statements were materially false and misleading at all relevant times.
On May 31, 2017, Acacia issued a press release and filed a Current Report on Form 8-K with the U.S. Securities & Exchange Commission, advising investors that “the Company has identified a quality issue” affecting “a portion” of several thousand modules manufactured by one of Acacia’s three contract manufacturers, citing as the “root cause of this quality issue . . . a circuit board cleaning process that has since been eliminated.” 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. Acacia reported profit and revenue that missed estimates, and revised its current-quarter guidance downward. The Company stated 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.” Following this news, Acacia’s stock price dropped materially, which caused investors harm.
Goldberg Law PC represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
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