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A10 Networks Inc (NYSE: ATEN) Investor Securities Class Action Lawsuit 03/22/2018

  • If you purchased shares of A10 Networks Inc (NYSE: ATEN), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
A10 Networks Inc
Security
NYSE: ATEN

Case Name
A10 Networks Shareholder Class Action Lawsuit 03/22/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

October 10, 2019 - The appeal was voluntarily dismissed.

June 6, 2019 - A notice of appeal was filed.

May 8, 2019 - The court ordered in favor of the defendant and closed the case.

May 7, 2019 - The case was voluntarily dismissed.

March 21, 2019 - A notice of appeal was filed.

February 21, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 9, 2018 - A motion to dismiss the amended complaint was filed.

October 5, 2018 - An amended complaint was filed.

March 22, 2018 - An investor in shares of A10 Networks Inc (NYSE: ATEN) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by A10 Networks Inc in connection with certain allegedly false and misleading statements made between February 9, 2016 and January 30, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of A10 Networks Inc (NYSE: ATEN) common shares between February 9, 2016 and January 30, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 9, 2016 and January 30, 2018 the defendants made false and/or misleading statements and/or failed to disclose that A10 Networks Inc had issues with its internal controls that required an Audit Committee investigation, that A10 Networks Inc’s 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 that as a result, Defendants’ public statements were materially false and misleading at all relevant times.

San Jose, CA based A10 Networks Inc is a provider of software and hardware solutions. A10 Networks Inc reported that its annual Total Revenue rose from $19u8.96 million in 2015 to $230.00 million in 2016 and that its Net loss declined from $40.03 million in 2015 to $20.94 million in 2016.

On January 16, 2018, A10 Networks Inc announced its preliminary results for the fourth quarter of 2017. Lee Chen, President and CEO, stated: “We are disappointed with our revenue results for the quarter, which were below our guidance primarily due to a shortfall in North America sales as we experienced lower than expected seasonal demand trends in the region.”

Then on January 30, 2018, A10 Networks Inc announced it was postponing its 2017 fourth quarter and full year earnings announcement and conference call after determining that a “mid-level employee within its finance department had violated the Company’s Insider Trading Policy and Code of Conduct.”