INTRODUCTION TO THE EXTREME NETWORKS CLASS ACTION LAWSUIT
Call Timothy L. Miles today for a a free case evaluation in the Extreme Networks class action lawsuit
The Extreme Networks class action lawsuit aims to represent purchasers of Extreme Networks, Inc. (NASDAQ: EXTR) publicly traded securities stock between July 27, 2022 and January 30, 2024, inclusive (the “Class Period”). Captioned Steamfitters Local 449 Pension & Retirement Security Funds v. Extreme Networks, Inc., No. 24-cv-05102 (N.D. Cal.), the Extreme Networks class action lawsuit charges Extreme Networks and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you have suffered losses in Extreme Networks stock and are interested in becoming the lead plaintiff in the Extreme Networks lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to Extreme Networks Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form.
The Extreme Networks class action lawsuit can be summarized as follows: Extreme Networks: Global provider of cloud-based computer networking equipment and related services • Class action lawsuit allegations:
January 25, 2023: • CFO Rémi Thomas resigned • Backlog fell to $542 million • Product Book to Bill Ratio dropped from 1.3x to 0.9x • Service Book to Bill Ratio decreased from 1.4x to 1.2x • Stock impact: Share price declined by nearly 15%
August 24, 2023: • Backlog further reduced to $267.3 million
$245 million decline year-over-year
$275.7 million decline in prior six months
Stock impact: Share price declined by approximately 9%
November 1, 2023: • Revealed "air pocket of demand" due to backlog reduction • Lowered revenue growth outlook to "mid-to-high single digits" for fiscal year 2024 • Projected normalized backlog of $75-100 million by end of Q4 fiscal 2024 • Stock impact: Share price declined by approximately 13%
January 8, 2024: • Lowered Q2 2024 and long-term revenue outlooks • Stock impact: Share price declined by approximately 7%
January 31, 2024: • Q2 2024 revenues: $296.4 million (7% year-over-year decline) • Product revenue: $186.6 million (37% year-over-year decline) • Announced $40-50 million reduction in channel inventory for Q3 • Revised fiscal year 2024 revenue expectations downward • Stock impact: Share price declined by approximately 24% over three trading days
Lawsuit alleges these events demonstrate misleading statements about demand and backlog management.
YOU HAVE TWO CHOICES IF YOU RECEIVE A NOTICE IN THE extreme networks CLASS ACTION LAWSUIT
First, read the notice very carefully. You have two choices.
First, you can do nothing and remain a member of the class represented by lead counsel.
Second, if you believe you have a large enough loss to justify it, you can opt out of the Extreme Networks class action lawsuit and file your own separate lawsuit.
Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the Extreme Networks class action lawsuit.
THE LEAD PLAINTIFF DEADLINE IN THE CLASS ACTION against Extreme Networks
Lead plaintiff motions for the Extreme Networks class action lawsuit must be filed with the court no later than October 15, 2024. When a securities class action is filed such as the Extreme Networks lawsuit:
Anyone who wants to be lead plaintiff on behalf of the class must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
THE LEAD PLAINTIFF PROCESS IN THE Extreme Networks CLASS ACTION LAWSUIT
A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.
Having a voice in decision-making processes regarding the settlement.
No financial risk, as lead counsel covers all costs and expenses and are paid only if they secure a settlement or judgment recovery for the class
Potentially enjoying long-term benefits from governance reform resulting from the litigation.
ELIGIBILITY CRITERIA FOR LEAD PLAINTIFF APPOINTMENT
To be eligible for appointment as the lead plaintiff in the Extreme Networks class action lawsuit, an investor must meet the following criteria:
Securities Acquisition: The investor must have purchased or acquired Extreme Networks common stock during the Class Period, spanning July 27, 2022, to January 30, 2024.
Financial Losses: The investor must have suffered financial losses as a direct result of the alleged securities fraud perpetrated by Extreme Networks and its executives.
Typicality and Adequacy: The investor's legal claims must be typical of those asserted on behalf of the class, and they must demonstrate their ability to adequately represent the interests of the entire class through experience, resources, and the absence of conflicts of interest.
It is crucial to note that both domestic and international investors who meet these criteria are eligible to seek appointment as the lead plaintiff in the Extreme Networks class action lawsuit, as courts have consistently recognized the rights of non-U.S. investors in securities class actions.
LEGAL REQUIREMENTS FOR PREVAILING IN THE Extreme Networks CLASS ACTION LAWSUIT
Instead, the attorney's fees and expenses are deducted from any settlement or judgment recovered on behalf of the class, typically as a court-approved percentage of the total recovery.
This arrangement ensures that investors can pursue their legal rights without bearing the financial burden of costly litigation, as the attorneys assume the risk and only receive compensation if they achieve a successful outcome for the class.
FREQUENTLY ASKED QUESTIONS ABOUT THE Extreme Networks CLASS ACTION LAWSUIT
Can I serve as a lead plaintiff in the class action against Extreme Networks if I purchases shares outside of the class period?
No. Even if you suffered losses in Extreme Networks stock, if you purchased securities outside of the Class period, you will not be able to participate in the Extreme Networks lawsuit.
Can I serve as a lead plaintiff in the class action against Extreme Networks if I am serving as lead plaintiff in another securities fraud case?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Extreme Networks stock, you may move to be appointed lead plaintiff in the Extreme Networks lawsuit.
Can the court appoint more than one lead plaintiff in the Extreme Networks class action lawsuit?
Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Extreme Networks class action lawsuit.
How do I know if I am a member of the class in the class action against Extreme Networks?
If you purchased shares during the class period and suffered losses in Extreme Networks stock, then you are most likely a member of the class in the Extreme Networkslawsuit and may participate in the Extreme Networkslawsuit since you suffered losses in MongoDB stock.
Resources for Investors in the EXTREME NETWORKS Class Action Lawsuit and Others
CONTACT Extreme Networks STOCK LOSS LAWYER TODAY TIMOTHY L MILES TODAY ABOUT A Extreme Networks CLASS ACTION LAWSUIT
If you suffered losses in Extreme Networks stock, contact Extreme Networks stock loss lawyer Timothy L. Miles today for a free case evaluation about a Extreme Networks class action lawsuit. Call today and see what a Extreme Networks stock loss lawyer could do for you if you suffered losses in Extreme Networksstock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
EXTREME NETWORKS CLASS ACTION LAWSUIT EXTREME NETWORKS STOCK LOSS LAWYER TIMOTHY L. MILES 300 CENTERVIEW DR, UNIT 247 BRENTWOOD, TN 27027 855-846-6528
FREE CASE EVALUATION: CLASS ACTION AGAINST EXTREME NETWORKS If you suffered losses in Extreme Networks stock, call Extreme Networks stock loss lawyer Timothy L. Miles today for a free case evaluation about an Extreme Network class action lawsuit. 855-846-6528
Call Timothy L. Miles today for a a free case evaluation in the Extreme Networks class action lawsuit
Give Extreme Networks stock loss lawyer Timothy L. Miles a call about the Extreme Networks class action lawsuit
