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Acacia Communications, Inc. (NASDAQ:ACIA) Investor Securities Class Action Lawsuit 08/14/2017

  • If you purchased shares of Acacia Communications, Inc. (NASDAQ:ACIA), 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
Acacia Communications, Inc.
Security
NASDAQ: ACIA

Case Name
Acacia Communications Shareholder Class Action Lawsuit 08/14/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

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

June 15, 2018 - The case was dismissed.

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

January 8, 2018 - An amended consolidated complaint was filed.

August 14, 2017 (Shareholders Foundation) - An investor in shares of Acacia Communications, Inc. (NASDAQ:ACIA) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Acacia Communications in connection with certain allegedly false and misleading statements made between August 11, 2016, and July 13, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Acacia Communications, Inc. (NASDAQ:ACIA) common shares between August 11, 2016, and July 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 11, 2016, and July 13, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that the Company’s manufacturing and quality control processes were deficient, that the foregoing deficiencies were likely to disrupt the Company’s manufacturing, thereby impacting the Company’s revenues, and that as a result of the foregoing, Acacia’s public statements were materially false and misleading at all relevant times

Maynard, MA based Acacia Communications, Inc. provides high-speed coherent interconnect products. Acacia Communications, Inc. reported that its annual Total Revenue rose from $239.06 million in 2015 to $478.41 million in 2016 and that its Net Income increased from $40.52 million in 2015 to $131.58 million in 2016.

On May 31, 2017, Acacia Communications, Inc announced that it identified a quality issue affecting a fraction of certain units manufactured “by one of its three contract manufacturers over an approximate four month period.” Acacia Communications, Inc cited a circuit board cleaning process as the main cause of this issue and the process was eliminated.

On July 14, 2017, Acacia Communications, Inc disclosed that its second quarter results were adversely affected by the quality issue announced on May 31. Following this news, Acacia’s stock price dropped.

Shares of Acacia Communications, Inc. (NASDAQ:ACIA) declined from $119.34 per share in September 2016 to as low as $38.50 per share on July 17, 2017.