NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against A10 Networks, Inc. (NYSE: ATEN) (“A10 Networks” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased A10 Networks securities between February 9, 2016 and January 30, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for additional information. Investors have until May 21, 2018, to move for lead plaintiff.
A10 Networks provides computer networking products and security solutions.
The lawsuit claims that defendants made false and/or misleading statements and/or failed to disclose that: (1) A10 Networks had issues with its internal controls that required an Audit Committee investigation; (2) A10 Networks’ revenues since the fourth quarter of 2015 were false due to improper revenue recognition which prompted an investigation by the Company’s Audit Committee; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On January 16, 2018, A10 Networks lowered its previously issued revenue guidance for fourth quarter 2017, from $64 million to $67 million to $55.5 million and $56 million. Following this news, the price of A10 Networks stock dropped $0.99 per share, over 13%, to close at $6.32 per share on January 17, 2018.
Then, on January 30, 2018, A10 Networks revealed that its Audit Committee was investigating its revenue recognition practices from fourth quarter 2015 through fourth quarter 2017. Following this news, the price of A10 Networks stock dropped $0.86 per share, over 12%, to close at $6.13 per share on January 31, 2018.
What You Can Do
If you purchased A10 Networks securities between February 9, 2016 and January 30, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.