NEW YORK--(BUSINESS WIRE)--Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is advising investors that class action lawsuits have been filed against Acacia Communications, Inc. (“Acacia” or the “Company”) (NASDAQ:ACIA) and certain of its officers and directors regarding violation of securities laws. If you purchased or otherwise acquired Acacia stock between August 11, 2016 and July 13, 2017, including the Company’s October 7, 2016 public offering, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Acacia develops, manufactures, and sells high-speed coherent interconnect products including circuits and modules. In October 2016, Acacia completed a secondary public stock offering of 4.5 million shares of common stock at $100 per share for gross proceeds of $450 million. As of this writing, the Company’s stock is trading under $46 per share.
According to the complaints, Acacia misled investors about global demand for its products. It is alleged that Acacia failed to disclose that the Company was experiencing declining demand for its products from its biggest customers and its quality control system was inadequate.
On May 31, 2017, Acacia disclosed that it identified a “quality issue” related to a problem with the circuit board cleaning process that affected “a portion of the approximate 1,300 AC400 units and 5,000 CFP units manufactured by one of its three contract manufacturers.”
Then, on July 14, 2017, before the markets opened, Acacia announced preliminary second quarter 2017 financial results and slashed third quarter 2017 guidance, stating that its results were adversely affected by the quality issue announced on May 31. As a result of this news, the price of Acacia common stock declined to $39 per share on July 14, 2017.
What You Can Do
If you purchased Acacia stock between August 11, 2016 and July 13, 2017, and you wish to discuss this lawsuit, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. The deadline for lead plaintiff motions is October 13, 2017.
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 with offices in New York, London, Connecticut, California, and Ohio.