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Aerohive Networks Inc (NYSE: HIVE) Investor Securities Class Action Lawsuit 01/19/2018

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Lawsuit Overview

Case Dismissed
Company
Aerohive Networks Inc
Security
NYSE: HIVE

Case Name
Aerohive Networks Shareholder Class Action Lawsuit 01/19/2018
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

August 7, 2019 - The court granted the defendants' motion to dismiss.

March 28, 2019 - A motion to dismiss the second amended consolidated complaint was filed.

March 7, 2019 - A second amended consolidated complaint was filed.

February 5, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

October 26, 2018 - A motion to dismiss the amended consolidated complaint was filed.

September 28, 2018 - An amended consolidated complaint was filed.

January 19, 2018 - An investor in shares of Aerohive Networks Inc (NYSE: HIVE) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Aerohive Networks Inc in connection with certain allegedly false and misleading statements made between November 1, 2017 and January 16, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Aerohive Networks Inc (NYSE: HIVE) common shares between November 1, 2017 and January 16, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 1, 2017 and January 16, 2018, the defendants made false and/or misleading statements and/or failed to disclose that there were underlying sales execution issues that were uncovered at the end of the third quarter of 2017, that consequently, Aerohive Networks Inc’s revenue guidance for the fourth quarter of 2017 was overstated, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Milpitas, CA based Aerohive Networks Inc together with its subsidiaries, has designed and developed a cloud-managed mobile networking platform that enables enterprises to deploy and manage a mobile-centric network edge. Aerohive Networks Inc reported that its annual Total Revenue increased from $151.66 million in 2015 to $169.82 million in 2016 and that its Net loss declined from $44.22 million in 2015 to $36.91 million in 2016.

Shares of Aerohive Networks Inc (NYSE: HIVE) grew from $3.12 per share in August 2017 to as high as $6.27 per share in December 2017.

On January 16, 2018, after the market closed, Aerohive Networks Inc announced that it expects to report net revenue of approximately $37 million, instead of its previously stated guidance of $40 million to $42 million. Aerohive Networks Inc attributed the reduced guidance to underlying sales execution issues including underperforming sales team members.

Shares of Aerohive Networks Inc (NYSE: HIVE) declined to as low as $3.95 per share on January 17, 2018.

On January 19, 2018, NYSE:HIVE shares closed at $4.17 per share.