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Aerohive Networks Inc (NYSE: HIVE) Investor Securities Class Action Lawsuit 06/04/2015

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Lawsuit Overview

Company
Aerohive Networks Inc
Security
NYSE: HIVE

Case Name
Aerohive Networks Shareholder Class Action Lawsuit 06/04/2015
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Settlement Notice
aerohive_networks_inc_settlement_notice_6_2016.pdf
Settlement Proof
aerohive_networks_inc_settlement_proof_6_2016.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$5,750,000.00
Deadline to Participate in Settlement

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Summary

All persons or entities that purchased Aerohive Networks Inc (NYSE: HIVE) common stock pursuant or traceable to the registration statement and prospectus issued in connection with Aerohive Networks Inc March 27, 2014 Initial Public Offering (IPO).

June 8, 2016 - The court preliminarily approved the settlement.

May 20, 2016 - Parties filed a stipulation of settlement.

August 18, 2015 - The plaintiffs filed a consolidated complaint.

June 4, 2015 - An investor in shares of Aerohive Networks Inc (NYSE: HIVE) filed a lawsuit over alleged violations of Federal Securities Laws by Aerohive Networks Inc in connection with certain allegedly false and misleading statements in connection with Aerohive Networks Inc’s initial public offering (“IPO”) on March 27, 2014.

According to the complaint the plaintiff alleges, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made certain materially false and misleading statements in Aerohive Networks Inc’s Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”), which was subsequently used for its initial public offering.

Aerohive Networks Inc went public in March 2014. Shares of Aerohive Networks Inc (NYSE: HIVE) declined from $11.54 per share in April 2014 to $7.65 per share on October 7, 2014.

Then on October 13, 2014, Aerohive Networks Inc reported its preliminary financial results for the third quarter of fiscal year 2014 ended September 30, 2014. Among other things, Aerohive Networks Inc announced expected revenue for the third quarter to be approximately $34.5 million to $35.5 million, which was below the Company’s previously stated guidance of $38 million to $40 million, and an anticipated third quarter net loss per share in the range of $0.18 to $0.16, compared with the Company’s previously stated guidance of $0.16 to $0.14. According to Aerohive Networks Inc, the revenues below prior guidance were the result of “weaker-than-expected order volume…primarily in our less-developed sales territories where sales capacity is not ramping as quickly as expected and performance has been inconsistent. Shares of Aerohive Networks Inc declined to as low as $4.26 per share on October 14, 2014.

On February 11, 2015, Aerohive Networks Inc announced its fourth quarter and fiscal year 2014 financial results. Aerohive Networks Inc reported that its annual Total Revenue rose from $107.14 million in 2013 to $137.29 million in 2014 and that its respective Net Loss declined from $33.23 million to $30.55 million. Shares of Aerohive Networks Inc (NYSE: HIVE) declined to as low as $3.43 per share on February 12, 2015.

Date Settled