STEVENSON, Md., Nov. 18, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Extreme Networks, Inc. (Nasdaq: EXTR ) (“Extreme Networks” or the “Company”) common stock during the period between November 4, 2013 and April 9, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 22, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Extreme Networks common stock purchased on or after November 4, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period 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, and that defendants did not have sufficient visibility into server business plans of Lenovo, with which the Company had an alliance, to support the Company’s quarterly and fiscal 2015 financial forecasts.
According to the complaint, following the Company’s April 9, 2015 announcement that it would miss its guidance for the third quarter of 2015, that trading in its shares had been halted and that the Company’s Chief Revenue Officer, hired only six months earlier to manage the integration of the Extreme Networks and Enterasys salesforces, was no longer with the Company, the value of Extreme Networks shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
