NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Casa Systems, Inc. (NASDAQ: CASA) resulting from allegations that Casa may have issued materially misleading business information to the investing public.
In December 2017, Casa completed its initial public offering (“IPO”) in which it offered 6 million shares of its common stock at $13.00 per share. Casa’s registration documents stated that new technology initiatives would allow for a compelling market opportunity and touted the fact that these initiatives would prompt Casa Systems to experience continued rapid growth. However, Casa knew its key customers' spending had entered a "digestion" period that mitigated their expenditures. On August 14, 2018, Casa announced disappointing financial results and cut its revenue guidance for the year by $50 million.
On this news, Casa stock declined from $15.60 to $12.08, a drop of almost 23%. Since then, Casa Systems has continued to have disappointing financial results and the stock trades at just $5.71, a decline of 56% from its IPO price.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Casa investors. If you purchased shares of Casa please visit the firm’s website at http://www.rosenlegal.com/cases-register-1623.html to join the class action. You may also contact Phillip Kim Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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