NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against LogMeIn, Inc. (“LogMeIn” or the “Company”) (NASDAQ:LOGM) and other defendants, related to alleged violations of federal securities laws. The lawsuit covers purchases of LogMeIn securities between March 1, 2017 and July 26, 2018. If you have questions, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. The lead plaintiff deadline is October 19, 2018.
LogMeIn provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. On February 1, 2017, LogMeIn issued a press release announcing the completion of its previously disclosed merger with Citrix Systems, Inc.’s (CTXS) GoTo family of service offerings, including GoToMeeting.
The lawsuit alleges that the defendants failed to disclose that: (1) LogMeIn’s business practices had negatively impacted renewal rates for certain of its services; and (2) as a result, the defendants’ public statements were materially false and misleading at all relevant times.
On July 26, 2018, after the market had closed, LogMeIn held an earnings call to report its second quarter 2018 results. During the call, William R. Wagner, LogMeIn’s President and Chief Executive Officer, and Edward K. Herdiech, LogMeIn’s Chief Financial Officer, detailed “executional missteps” related to the Citrix/GoTo merger.
Following this news, shares of LogMeIn fell $26.60 per share – over 25% – to close at $77.85 on July 27, 2018.
What You Can Do
If you purchased LogMeIn securities, or if you have questions about this notice, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com.
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.
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