EXTR Investors Have Opportunity to Lead Extreme Networks, Inc. Securities Fraud Lawsuit
LOS ANGELES, Aug. 30, 2024 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Extreme Networks, Inc. ("Extreme Networks" or the "Company") (NASDAQ: EXTR).
Class Period: July 27, 2022 – January 30, 2024
Lead Plaintiff Deadline: October 15, 2024
If you wish to serve as lead plaintiff of the Extreme Networks lawsuit, you can submit your contact information at www.glancylaw.com/cases/Extreme-Networks-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) that the Company was suffering from adverse client demand trends as its clients had ordered more product from the Company than needed in the wake of the COVID-19 pandemic to avoid supply shortages and because of a lack of alternative sourcing options and thereby had cannibalized their Class Period purchasing needs; (2) that the Company was increasingly offsetting these adverse organic demand trends with the fulfillment of backlog orders in a manner that materially exceeded the proportion represented to investors; (3) that, as a result, the Company was drawing down its backlog at a much faster rate than represented to investors; (4) that, as a result, the Company's backlog was already decreasing and at a much quicker pace than defendants' statements to investors that backlog would only "begin to shrink" in 4Q23 and it would be not until "fiscal '26 when it really goes back to normal"; (5) that, as a result, the Company's backlog was not on track to continue increasing to $600 million; and (6) that, as a result, defendants had materially misrepresented the Company's organic demand, revenue growth, and market share gains as the fulfillment of the Company's backlog masked a decline in organic demand and attendant revenues; and (7) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, 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 shareholders@glancylaw.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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
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SOURCE Glancy Prongay & Murray LLP
