DENVER--(BUSINESS WIRE)--The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Extreme Networks, Inc. (“Extreme Networks” or the “Company”) (Nasdaq: EXTR). Extreme Networks provides software-driven networking solutions for enterprise customers worldwide.
Extreme Networks investors filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between November 4, 2013 and April 9, 2015. The complaint alleges that Extreme Networks misrepresented the success of the company's post-acquisition integration with its former competitor, Enterasys Networks, Inc. by assuring investors that there would be no disruption in customers' ability to grow and operate their networks. However, the integration was a failure, resulting in client loss, client dissatisfaction, and high executive turnover. On April 9, 2015, the Company announced that it would severely miss guidance for non-GAAP revenue and earnings per share for its third fiscal quarter of 2015. On this news, Extreme Networks' stock fell approximately 23% to close at $2.50 per share on April 20, 2015. On March 21, 2018, the Honorable Beth Labson Freeman of the U.S. District Court for the Northern District of California, San Jose Division denied in part Extreme Networks' motion to dismiss, paving the way for litigation to proceed.
If you currently own Extreme Networks common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.