Safirstein Metcalf LLP announces that a class action has been filed on behalf of those who purchased or otherwise acquired A10 Networks, Inc. (NYSE:ATEN) (“A10” or the “Company”) securities between February 9, 2016 and January 30, 2018, both dates inclusive (the “Class Period”).
If you purchased A10 securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
According to the complaint, on January 16, 2018, A10 issued a press release entitled “A10 Networks Announces Preliminary Fourth Quarter 2017 Results.” That press release revealed that the Company expected “total revenue in the fourth quarter 2017 to be between $55.5 million and $56.0 million, below its prior guidance of $64.0 million to $67.0 million.” Following this news, shares of A10’s common stock fell $0.99 per share, or over 13%, to close on January 17, 2018 at $6.32.
Then, on January 30, 2018, A10 issued a press release entitled “A10 Networks Announces Postponement of 2017 Fourth Quarter and Full Year Earnings Release and Conference Call.” That press release disclosed that A10’s Audit Committee had commenced an investigation into certain accounting practices, and reported that the investigation was “principally focused on certain revenue recognition matters from the fourth quarter of 2015 through the fourth quarter of 2017.” Following this news, shares of A10’s common fell $0.86 per share, or over 12%, to close on January 31, 2018 at $6.13.