NEW ORLEANS, Sept. 04, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 15, 2024 to file lead plaintiff applications in a securities class action lawsuit against Extreme Networks, Inc. (NasdaqGS: EXTR), if they purchased the Company’s shares between July 27, 2022 and January 30, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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Extreme Networks investors should visit us at https://claimsfiler.com/cases/nasdaq-extr-2/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Extreme Networks and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 31, 2024, the Company disclosed disappointing financial results and operational trends for 2Q24 including, among other things, that its revenues for the quarter were $296.4 million, down 7% year-over-year, and that it had generated just $186.6 million in product revenue, a decline of 37% year-over-year.
On this news, the price of Extreme Networks’ shares fell from $16.64 per share when the market closed on January 30, 2024 to $12.59 per share on February 2, 2024, a 24% decline over three trading days on unusually heavy volume
The case is Steamfitters Local 449 Pension & Retirement Security Funds v. Extreme Networks, Inc., No. 24-cv-05102.
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