SAN DIEGO & SAN JOSE, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of A10 Networks, Inc. (NYSE: ATEN) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 9, 2016 and January 30, 2018. A10 provides software and hardware solutions in the United States, Japan, and internationally.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/a10-networks-inc-mar-2018
A10 Accused of Misrepresenting its Financial Condition
According to the complaint, A10 consistently reported record revenue that exceeded the company's guidance and led investors to believe that its internal control over financial reporting was effective. It came as a surprise when A10 announced on January 16, 2018, that it expected total revenue in 4Q 2017 to be between $55 and $56 million, below its prior guidance of $64 million to $67 million. A10 attributed the disappointing results to a shortfall in sales and low demand. In addition, on January 30, 2018, A10 revealed that its Audit Committee was investigating the company's revenue recognition practices for 4Q 2015 through 4Q 2017 because an employee had violated the company's Insider Trading Policy and Code of Conduct. Since news of A10's financial condition became widely known, its stock has fallen over 16% to close at $6.13 per share on January 31, 2018.
A10 Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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