Law
Offices of Howard G. Smith announces
that a class action lawsuit has been filed on behalf of investors who
purchased Extreme Networks, Inc. ("Extreme Networks" or the "Company")
(NASDAQ: EXTR) between November 4, 2013 and April 9, 2015, inclusive
(the “Class Period”). Investors have until December 22, 2015 to file a
lead plaintiff motion.
On April 9, 2015, the Company issued a press release disclosing that
third quarter 2015 results would miss the Company’s previously announced
guidance. The Company stated that “Extreme experienced a number of
challenges this quarter affecting revenue.” The Company also announced
that its Chief Revenue Officer, Jeff White, was no longer with the
Company, and that Extreme was in the process of identifying a successor.
On this news, Extreme shares fell $0.74, or more than 22%, to close at
$2.50 per share on April 10, 2015, thereby injuring investors.
The complaint alleges that during the Class Period, defendants issued
false and/or misleading statements and/or omitted adverse information,
including that the Company’s revenue growth depended on the successful
integration of Enterasys Networks, Inc., which had not effectively
integrated, diminishing the Company’s ability to address persistent
sales problems. Additionally, Extreme Networks had begun a partnership
with Lenovo, but defendants did not have sufficient visibility into
Lenovo’s server business plans to support the Company’s quarterly and
fiscal 2015 financial forecasts.
If you purchased Extreme Networks securities you may move the Court no
later than December 22, 2015 to ask the Court to appoint you as
lead plaintiff if you meet certain legal requirements. To be a member of
the Class 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. If you wish to learn more about this action, or if you have
any questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free
at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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