Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in A10 Networks (NYSE:ATEN) in connection to alleged violations of securities laws by ATEN. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in A10 Networks from February 9, 2016 until January 30, 2018.
The class action complaint specifically alleges that during the period in question, ATEN might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company was undergoing issues relating to its internal controls that necessitated an investigation by an Audit Committee; that there were improper revenue recognitions in the company’s revenues dating back to the fourth quarter of 2015, resulting in those revenues being false; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company announced on January 16, 2018 that it expected its Q4 2017 results to fall below its prior guidance, its stock price declined about 14%. When it later announced, on January 30, 2018, that its Audit Committee had begun investigating its revenue recognition practices dating from Q4 2015 until Q4 2017, its stock price declined approximately 12% on the following day. The class action complaint alleges that when true facts came to light, investors suffered losses.
According to the company’s website, A10 Networks is a technology company that “modernizes the delivery of applications with analytics-driven visibility, performance and security solutions, via hardware or software, on premise or in the cloud.” The company was founded in 2004 and today operates in 80 countries, serving more than 5,600 customers, according to its website. It trades on the New York Stock Exchange under the symbol ATEN.
A class action lawsuit has already been filed in connection with A10 Networks. If you wish to serve as lead plaintiff in the ATEN lawsuit, you must move the Court no later than May 21, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.