A lawsuit was filed on behalf of investors in Aerohive Networks Inc (NYSE:HIVE) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/30/2018 -- An investor, who purchased shares of Aerohive Networks Inc (NYSE:HIVE), filed a lawsuit over alleged Securities Laws violations by Aerohive Networks.
Investors who purchased shares of Aerohive Networks Inc (NYSE:HIVE) have certain options and for certain investors are short and strict deadlines running. Deadline: March 20, 2018. NYSE:HIVE investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that between November 1, 2017 and January 16, 2018, the defendants made false and/or misleading statements and/or failed to disclose that there were underlying sales execution issues that were uncovered at the end of the third quarter of 2017, that consequently, Aerohive's revenue guidance for the fourth quarter of 2017 was overstated, and that as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On January 16, 2018, after the market closed, Aerohive Networks Inc announced that it expects to report net revenue of approximately $37 million, instead of its previously stated guidance of $40 million to $42 million. Aerohive Networks Inc attributed the reduced guidance to "underlying sales execution issues" including "underperforming sales team members." Shares of Aerohive Networks Inc (NYSE:HIVE) declined to as low as $3.95 per share on January 17, 2018.
Those who purchased shares of Aerohive Networks Inc (NYSE:HIVE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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