LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) 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. To obtain information or participate in the class action, please visit the Acacia page on our website at www.glancylaw.com/case/acacia-communications-inc.
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.
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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. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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