NEW YORK, March 28, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased or otherwise acquired securities of A10 Networks, Inc. (NYSE:ATEN) ("A10 Networks" or the "Company") between February 9, 2016 and January 30, 2018, inclusive (“Class Period”).
Investors who have incurred losses in shares of A10 Networks, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of A10 Networks, Inc. , and would like to assist with the litigation process as a lead plaintiff, you may, no later than May 21, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in A10 Networks, Inc.
A10 Networks Inc. provides computer networking products and security solutions. The Company offers controller, firewall, hardware appliances, protection systems and other networking products to customers worldwide.
The filed complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that:
- A10 Networks had issues with its internal controls that required an Audit Committee investigation;
- A10 Networks' revenues since the fourth quarter of 2015 were false due to improper revenue recognition which prompted an investigation by the Company's Audit Committee; and
- as a result, Defendants' public statements were materially false and misleading at all relevant times.
On January 16, 2018, A10 Networks lowered its previously issued revenue guidance for fourth quarter 2017, from $64 million to $67 million to $55.5 million and $56 million. Following this news, the price of A10 Networks stock dropped $0.99 per share, over 13%, to close at $6.32 per share on January 17, 2018.
Subsequently, on January 30, 2018, after the close of market trading, A10 Networks revealed that its Audit Committee was investigating its revenue recognition practices from fourth quarter 2015 through fourth quarter 2017. Following this news, the price of A10 Networks stock dropped $0.86 per share, over 12%, to close at $6.13 per share on January 31, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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