NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Aerohive Networks, Inc. (NYSE: HIVE) securities between November 1, 2017 and January 16, 2018 (the “Class Period”). Investors have until March 20, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 16, 2018, Aerohive announced that it was revising its guidance downward and that it expects net revenue for the fourth quarter to be approximately $37 million, which is below the Company’s previously stated guidance of $40 million to $42 million. According to David Flynn, Aerohive’s CEO, the Company also “uncovered underlying sales execution issues which became fully apparent in the last month of the fourth quarter.”
Following this news, the stock price of Aerohive fell $1.63 per share, or over 28%, to close at $4.07 on January 17, 2018.
The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) there were underlying sales execution issues that were uncovered at the end of the third quarter of 2017; (2) consequently, Aerohive’s revenue guidance for the fourth quarter of 2017 was overstated; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Aerohive securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Aerohive Networks, Inc. lawsuit, please go to www.bespc.com/HIVE. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.