LOS ANGELES--(BUSINESS WIRE)--National securities litigation firm Glancy Prongay & Murray LLP (“GPM”) announces extended lead plaintiff deadline in class action lawsuit filed on behalf of investors that purchased or otherwise acquired securities of A10 Networks, Inc. (“A10” or the “Company”) (NYSE: ATEN) between February 9, 2016 and January 30, 2018, inclusive (the “Class Period”). A10 investors now have until July 27, 2018 to file a lead plaintiff motion.
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On January 16, 2018, A10 announced that it expected fourth quarter 2017 revenue to be between $55.5 million and $56.0 million, which was below its prior guidance of $64.0 million to $67.0 million. On this news, A10’s stock price fell nearly 14%, thereby injuring investors.
Then, on January 30, 2018, A10 disclosed that the Company’s Audit Committee was investigating the Company’s revenue recognition practices from the fourth quarter of 2015 through the fourth quarter of 2017, inclusive. On this news, A10’s stock price fell nearly 12% on January 31, 2018, thereby further injuring investors.
The complaint filed in this class action alleges 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. The initial deadline to move for lead plaintiff was May 21, 2018, and on June 29, 2018, the Court denied those motions without prejudice and reopened the lead plaintiff process, with a revised lead plaintiff deadline of July 27, 2018.
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If you purchased shares of A10 during the Class Period you may move the Court no later than July 27, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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