SAN DIEGO — The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in shares of Extreme Networks, Inc (NASDAQ:EXTR) against certain directors of Extreme Networks, Inc over alleged breaches of fiduciary duties.
Investors who purchased shares of Extreme Networks, Inc (NASDAQ:EXTR) in November 2013 or earlier and continue to hold any of those NASDAQ:EXTR shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:EXTR investors.
In April 2015 Extreme Networks, Inc announced that it would miss guidance for the third quarter of 2015, reporting revenue of $118-$120 million and earnings per share of ($0.09)-($0.07), significantly below prior guidance of $130-$140 million and ($0.03)-$0.02, respectively. Extreme Networks, Inc also announced that trading in its shares had been halted and that Jeff White, the Company’s Chief Revenue Officer, who had been hired only six months earlier to manage the integration of the Extreme Networks, Inc and Enterasys salesforces, was “no longer with the Company.”
In October 2015 a lawsuit was filed against Extreme Networks, Inc over alleged securities laws violations. The plaintiff in that lawsuit claimed that the defendants issued allegedly false and/or misleading statements and/or allegedly omitted adverse information concerning Extreme Networks’ current financial condition and outlook for fiscal 2015, including, among other things, that Extreme Networks’ revenue growth depended on the successful integration of Enterasys Networks, Inc., which Extreme Networks had acquired in 2013 but had not successfully integrated, which materially impaired the Company’s ability to address persisting sales problems. In addition, the plaintiff alleged that Extreme Networks had begun an alliance with Lenovo, but between November 4, 2013 and April 9, 2015 defendants did not have sufficient visibility into Lenovo’s server business plans to support the Company’s quarterly and fiscal 2015 financial forecasts.
In February 2016 the lawsuit against certain directors of Extreme Networks, Inc over alleged breaches of fiduciary duties was filed.
Investors who purchased shares of Extreme Networks, Inc (NASDAQ:EXTR) in November 2013 or earlier and continue to hold any of those Extreme Networks, Inc (NASDAQ:EXTR) shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 [email protected] 3111 Camino Del Rio North Suite 423