LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Aerohive Networks, Inc. (“Aerohive” or the “Company”) (NYSE: HIVE) securities between November 1, 2017 and January 16, 2018, , inclusive (the “Class Period”). Aerohive investors have until March 20, 2018 to file a lead plaintiff motion.
To obtain information or actively participate in the class action, please visit the Aerohive page on our website at www.glancylaw.com/case/aerohive-networks-inc. Investors that suffered losses on their Aerohive investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
On November 1, 2017, Aerohive’s CFO, John Ritchie, stated that the Company was expecting Q4 revenue in the range of $40 million to $42 million, and that Aerohive realized “significant sales efficiency” with non-GAAP sales and marketing costs.
Then, on January 16, 2018, Aerohive announced that it expected net revenue of only $37 million for Q4 due to “underlying sales execution issues.” On this news, Aerohive’s share price fell $1.63 per share or more than 29%, to close at $4.07 on January 17, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period 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.
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If you purchased shares of Aerohive during the Class Period you may move the Court no later than March 20, 2018 to ask the Court to appoint you as lead plaintiff. 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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