Pomerantz LLP announces that a class action lawsuit has been filed
against Aerohive Networks, Inc. (“Aerohive” or the “Company”)
HIVE, +0.00%
and certain of its officers. The class action, filed in United
States District Court, for the Northern District of California, and
docketed under 18-cv-00544, is on behalf of a class consisting of
investors who purchased or otherwise acquired Aerohive securities,
seeking to recover compensable damages caused by defendants’ violations
of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Aerohive securities between
November 1, 2017, and January 16, 2018, both dates inclusive, you have
until March 20, 2018, to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
[Click
here to join this class action]
Aerohive supplies wireless infrastructure equipment. The Company designs
cooperative control wireless architecture, cloud-enabled network
management, routing, and virtual private network solutions. Aerohive
serves the healthcare, education, manufacturing, distribution, and
retail industries throughout the United States.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) Aerohive had uncovered sales execution issues at the Company at the
end of the third quarter of 2017; (ii) consequently, Aerohive’s revenue
guidance for the fourth quarter of 2017 was overstated; and (iii) as a
result, Aerohive’s public statements were materially false and
misleading at all relevant times.
On January 16, 2018, post-market, Aerohive issued a press release
entitled “Aerohive Networks Announces Preliminary Fourth Quarter 2017
Financial Results,” revealing that it “expects net revenue for the
fourth quarter to be approximately $37 million, which is below the
Company’s previously stated guidance of $40 million to $42 million.”
Aerohive attributed the reduced guidance to “underlying sales execution
issues” uncovered at the end of the third quarter.
On this news, Aerohive’s share price fell $1.63, or 28.6%, to close at
$4.07 on January 17, 2018, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180303005003/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby
rswilloughby@pomlaw.com
Copyright Business Wire 2018