NEW YORK, Nov. 06, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the securities of Extreme Networks, Inc. (NASDAQ:EXTR) (“Extreme Networks” or the “Company”) during the period between November 4, 2013 and April 9, 2015, inclusive (the “Class Period”).
Shareholders of who incurred losses on shares on purchased within the Class Period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased the shares of Extreme Networks, Inc. during the period May 7, 2015 through October 23, 2015, inclusive, you may, no later than December 22, 2015 request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that during the Class Period, defendants issued false and/or misleading statements and/or omitted adverse information concerning Extreme Networks' current financial condition and outlook for fiscal 2015, including, among other things, that the Company's revenue growth depended on the successful integration of Enterasys Networks, Inc., which Extreme Networks had acquired in 2013 but had not successfully integrated, which materially impaired the Company's ability to address persisting sales problems. As a result of these misrepresentations and/or omissions, Extreme Networks' stock traded at artificially inflated prices during the Class Period, reaching a high of $8.14 per share in intraday trading on January 23, 2014.
Then on April 9, 2015, after the markets closed, Extreme Networks preannounced that it would miss guidance for the third quarter of 2015, reporting revenue of $118-$120 million and earnings per share of ($0.09)-($0.07), significantly below prior guidance of $130-$140 million and ($0.03)-$0.02, respectively. The Company also announced that trading in its shares had been halted and that Jeff White, the Company's Chief Revenue Officer, who had been hired only six months earlier to manage the integration of the Extreme Networks and Enterasys salesforces, was "no longer with the Company." On these disclosures, the Company's stock price fell almost 25%, from $3.24 per share to $2.50 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Extreme Networks Investigation.”
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Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774