NEW YORK, June 24, 2015 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired shares of Aerohive Networks, Inc. ("Aerohive") (NYSE: HIVE ) pursuant and/or traceable to Aerohive's March 27, 2014 Initial Public Offering .
You are hereby notified that a securities class action lawsuit has been commenced in the Superior Court of the State of California, County of San Mateo. If you purchased or otherwise acquired Aerohive shares pursuant and/or traceable to the IPO, your rights may be affected by this action . To get more information go to :
http://zlk.9nl.com/aerohive-hive
or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that the Company made materially false and misleading statements in its Registration Statement on Form S-1 filed and used for its Initial Public Offering. In particular, it is alleged that the S-1 omitted the following facts: (a) the Company's sales cycles were declining and non-current deferred revenue was increasing due to delays in new product implementation; (b) the Company had no effective "rapid customer acquisition" as stated in its Form S-1 as conflicts between personnel led to a decline in staffing; (c) the Company was booking as revenue fake "sales" to meet unreasonable revenue projections and make up for sales shortfalls in violation of its internal controls and inconsistent with accounting principles; (d) the Company was experiencing significant turnover in staff due to bad relations and widespread internal disappointment over failed promises and expectations for compensation associated with the IPO, and (e) the Company was experiencing a decline in sales due to an increase in competition.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
