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Lifshitz Law PLLC Announces Investigations of Extreme Networks, Inc. (NASDAQ: EXTR), Symbotic Inc. (NASDAQ: SYM), Ardelyx, Inc. (NASDAQ: ARDX), and Spire Global, Inc. (NYSE: SPIR).

EXTR, ARDX, SPIR, SYM

NEW YORK, NY / ACCESS Newswire / January 24, 2025 / Lifshitz Law Firm

Extreme Networks, Inc. (NASDAQ:EXTR)

Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made false and/or misleading statements and/or failed to disclose material information. Specifically, the Company allegedly made false and/or misleading statements and allegedly failed to disclose the following adverse facts pertaining to Extreme's business, operations, and financial condition: (a) that Extreme was suffering from adverse client demand trends as its clients had ordered more product from Extreme 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 purchasing needs; (b) that Extreme 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; (c) that, as a result of (a)-(b), Extreme was drawing down its backlog at a much faster rate than represented to investors; (d) that, as a result of (a)-(c), Extreme's backlog was already decreasing and at a much quicker pace than the Company's 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"; (e) that, as a result of (a)-(d), Extreme's backlog was not on track to continue increasing to $600 million; and (f) that, as a result of (a)-(e) above, the Company had materially misrepresented Extreme's organic demand, revenue growth, and market share gains as the fulfillment of Extreme's backlog masked a decline in organic demand and attendant revenues.

If you are an EXTR investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.

Symbotic Inc. (NASDAQ:SYM)

Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made materially false and/or misleading statements and/or failed to disclose material information. Specifically, the Company allegedly provided investors with material information concerning Symbotic's projected earnings outlook and anticipated growth. On November 27, 2024, Symbotic announced a delay in filing its Form 10-K for its fiscal year 2024 due to identified errors in revenue recognition and announced material weaknesses in its internal control over financial reporting. Symbotic revealed that it discovered issues related to premature expense recognition and unbillable cost overruns, which affected system revenue recognition in multiple quarters of its fiscal year 2024. The Company estimated a $30-$40 million reduction in system revenue, gross profit, and adjusted EBITDA for its fiscal year 2024 and reduced its revenue outlook for the first quarter of fiscal 2025 to $480-$500 million, from $495-$515 million, and adjusted EBITDA of $12-16 million, from $27-$31 million.

If you are a SYM investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.

Ardelyx, Inc. (NASDAQ:ARDX)

Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made materially false and/or misleading statements and/or failed to disclose material information.

Over the last decade, Ardelyx has developed a novel active ingredient called tenapanor. Branded as XPHOZAH, tenapanor was approved by the FDA on October 17, 2023, to reduce phosphorus in the bloodstream in CKD patients on dialysis who cannot tolerate or who do not adequately respond to phosphate binder therapy.

In 2016, the Centers for Medicare and Medicaid Services ("CMS") introduced the ESRD PPS Transitional Drug Add-on Payment Adjustment ("TDAPA") program to pay for new ESRD-related therapies not yet in the ESRD-PPS bundle. TDAPA provides for an additional payment for two years for new ESRD-related therapies on top of the single bundled payment to enable CMS to gather sufficient claims data to incorporate the new therapy into the bundle and adjust the base payment rate.

In its Forms 10-Q filed on October 31, 2023, and May 2, 2024, and in its Form 10-K filed on February 22, 2024, Ardelyx indicated that it would apply to include XPHOZAH in TDAPA. Further, in an earnings call on May 2, 2024, the Company advised analysts that "our intent is to enter TDAPA."

On July 2, 2024, Ardelyx disclosed that it had decided not to apply to include XPHOZAH in TDAPA. On that news, Ardelyx's stock price fell $2.29 per share, or 30.25%, to close at $5.28 per share on July 2, 2024.

If you are an ARDX investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.

Spire Global, Inc. (NYSE:SPIR)

Lifshitz Law PLLC announces investigation into possible securities laws violations and/or breaches of fiduciary duties in connection with allegations that the Company made misrepresentations and/or omissions. Specifically, the Company allegedly failed to disclose to investors: (a) that there were embedded leases of identifiable assets and pre-space mission activities for certain Space Services contracts; (b) that Spire Global allegedly lacked effective internal controls regarding revenue recognition for these contracts; (c) that, as a result, the Company allegedly overstated revenue for certain Space Services contracts; and (d) that, as a result of the foregoing, the Company's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you are an SPIR investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@lifshitzlaw.com.

ATTORNEY ADVERTISING.© 2025 Lifshitz Law PLLC. The law firm responsible for this advertisement is Lifshitz Law PLLC, 1190 Broadway, Hewlett, New York 11557, Tel: (516)493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

CONTACT:
Joshua M. Lifshitz, Esq.
Lifshitz Law PLLC
Phone: 516-493-9780
Facsimile: 516-280-7376
Email: jlifshitz@lifshitzlaw.com

SOURCE: Lifshitz Law Firm



View the original press release on ACCESS Newswire