Deadline in Lawsuit for Investors in A10 Networks Inc (ATEN) Shares Announced by Shareholders Foundation
2015年2月9日 - 11:55PM
The Shareholders Foundation, Inc. announces that a lawsuit was
filed on behalf of certain purchasers of shares of A10 Networks Inc
(ATEN) against A10 Networks Inc in connection with the A10
Networks' initial public stock offering ("IPO") on or about March
21, 2014.
Investors who purchased a significant amount of A10 Networks'
securities (NYSE:ATEN) have certain options and for certain
investors are short and strict deadlines running. Deadline: March
30, 2015. (NYSE:ATEN) investors should contact the Shareholders
Foundation at mail@shareholdersfoundation.com or call +1(858) 779 -
1554.
The plaintiff alleges that the Registration Statement contained
materially misleading information and/or omitted material
information, and that it was not prepared in accordance with
governing rules and regulations. More specifically, the plaintiff
alleges that company's registration statement emphasized A10
Networks' purportedly strong on-going sales growth rate without
disclosing any then allegedly present downturn in that sales
trend.
Among other things, the plaintiff alleges that one section of
the registration statement allegedly concealed that a significant
portion of the 2013 sales growth was due to existing customers
exchanging AX series product for the newly rolled out Thunder
Series product. The plaintiff says that A10 Networks Inc should
have disclosed was that its 2013 sales growth had been
substantially augmented by such product conversions, rather than
through organic sales to new customers, and this upgrade cycle had
largely extinguished itself by the time of the IPO.
The plaintiff claims that the products in the two product
families are not interchangeable, and as A10 Networks' Thunder
Series product sales increased and AX Series products decreased,
A10 Networks Inc built up an inventory of obsolete AX Series
product. The plaintiff says that despite the obsolete AX Series
product on its books at allegedly inflated values, A10 Networks Inc
took only a partial inventory write-down of $2.6 million at the end
of fiscal 2013 and that the significant obsolete inventory
allegedly remained on A10 Networks' books at allegedly inflated
values at the time of the IPO.
Since the IPO shares of A10 Networks Inc (NYSE:ATEN) lost
significant value and declined to as low as $3.93 per share in
early December 2014.
Those who purchased shares of A10 Networks Inc (NYSE:ATEN) have
certain options and should contact the Shareholders Foundation,
Inc.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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