BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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.
Investors suffering losses on their Aerohive investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 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.
If you purchased shares of Aerohive, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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