BOSTON, March 27, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed against Lantronix Inc. (NASDAQ: LTRX) for securities law violations. Investors who purchased shares and have lost money are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/ltrx.
What is this all about?
The lawsuit alleges that Lantronix overstated the demand and/or its visibility into demand for its IoT products. On February 8, 2024, Lantronix announced Q2 2024 financial results and revised its fiscal year 2024 revenue down. On a call with investors the Company revealed that “[t]he change in our annual guidance is primarily due to lower expected sales for our embedded IoT solutions as a result of two factors”, namely, “[a] general slowdown in our broad-based channel business as customers work through their inventories, and an embedded compute design win in video application that was slated for revenue in the second half of fiscal 2024 that pushed into fiscal 2025.” Shares of Lantronix stock dropped 32.5% on February 9, 2024.
Who is eligible?
Anyone who purchased Lantronix, Inc. stock between May 11, 2023 and February 8, 2024, and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is April 23, 2024. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at cases@blockleviton.com, or by phone at (617) 398-5600.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
