NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Arlo Technologies, Inc. ("Arlo" or the "Company")(NYSE: ARLO ) of the March 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Arlo stock or options pursuant and/or traceable to the Company's August 3, 2018 initial public offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/ARLO. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Arlo common stock pursuant and/or traceable to the Company's August 3, 2018 IPO. The case, Wong v. Arlo Technologies, Inc. et al. , No. 19-cv-00372 was filed on January 22, 2019, and has been assigned to Judge Beth Labson Freeman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) there was a flaw and/or quality issue with Arlo’s newly designed battery for its Ultra camera systems; (2) this flaw and/or quality issue with the Ultra battery could result in a shipping delay of Arlo’s Ultra product; (3) such a shipping delay endangered Arlo’s chances of launching the Ultra product in time for the crucial holiday season; (4) such a shipping delay would allow Arlo’s competitors to capitalize on the Ultra product’s missed launch, thereby increasing their own market share; (5) Arlo’s consumers had been experiencing battery drain issues and other battery-related issues in connection with recent firmware updates; and (6) because of the foregoing, Arlo’s fourth quarter 2018 results and consumer base would be negatively impacted.
Since Arlo's IPO, the Company's share price has declined from its IPO price of $16 by approximately 53%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Arlo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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