NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in A10 Networks, Inc. (“A10” or the “Company”) (NYSE:ATEN) of the May 21, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in A10 stock or options between February 9, 2016 and January 30, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/ATEN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased A10 securities between February 9, 2016 and January 30, 2018 (the “Class Period”). The case, Shah v. A10 Networks, Inc. et al, No. 18-cv-01772 was filed on March 22, 2018, and has been assigned to Judge Vince Chhabria.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose problems with its internal financial controls that required an Audit Committee investigation.
Specifically, on January 16, 2018, A10 issued its preliminary 4Q 2017 results, revealing that the company would have to correct its revenue guidance for 2017 due to accounting and internal control matters.
After the announcement, A10’s share price fell from $7.31 per share on January 16, 2018 to a closing price of $6.32 on January 17, 2018—a $0.99 or a 13.5% drop.
Then, on January 30, 2018, A10 announced the postponement of its 4Q and FY 2017 results and that its Audit Committee would conduct an internal investigation.
After the announcement, A10’s share price fell from $6.99 per share on January 30, 2018 to a closing price of $6.13 on January 31, 2018—a $0.86 or a 12.3% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding A10’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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