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Aruba Networks Inc (NASDAQ: ARUN) Investor Securities Class Action Lawsuit 05/23/2013

  • If you purchased shares of Aruba Networks Inc (NASDAQ: ARUN), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Aruba Networks, Inc.
Security
NASDAQ: ARUN

Case Name
Aruba Networks Shareholder Class Action Lawsuit 05/23/2013
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

February 23, 2015 - The lead plaintiff filed a notice of appeal.
February 2, 2015 - The court granted the defendants' motion to dismiss with prejudice.

October 27, 2014 - The defendants filed a motion to dismiss.

September 26, 2014 - The lead plaintiff filed an amended complaint.

August 1, 2014 - The court granted the motion to dismiss with leave to amend.

December 20, 2013 - The defendants filed a motion to dismiss.

November 1, 2013 - The lead plaintiff filed an amended complaint.

September 6, 2013 - The lead plaintiff and lead counsel were appointed.

May 23, 2013 - An investor in shares of Aruba Networks Inc (NASDAQ: ARUN) filed a lawsuit in the U.S. District Court for the Northern District of California against Aruba Networks Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 17, 2012 and May 16, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Aruba Networks Inc (NASDAQ: ARUN) between May 17, 2012 and May 16, 2013, that Aruba Networks Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Aruba Networks Inc did not hold a competitive advantage over Cisco Systems, Inc., that Aruba Networks Inc was well aware of the weaknesses in its marketing abilities given the bundling advantages that Cisco Systems, Inc. held over Aruba Networks Inc, that Cisco Systems’ bundling practices would greatly undermine Aruba Networks Inc’s (NASDAQ: ARUN) market share and overall success rate in signing contracts with clients, and that as a result of the above, Aruba Networks Inc's financial statements were materially false and misleading at all relevant times.

On May 7, 2013, Aruba Networks Inc announced its preliminary fiscal third quarter 2013 results and lowered its previously stated revenue guidance.

Shares of Aruba Networks Inc (NASDAQ: ARUN) declined from $22.10 per share on May 6, 2013, to $16.78 per share on May 7, 2013.

On May 16, 2013, after the close of the market, Aruba Networks Inc announced its third quarter financial results.

Shares of Aruba Networks Inc (NASDAQ: ARUN) declined to $12.505 on May 17, 2013.

On May 23, 2013, Aruba Networks Inc (NASDAQ: ARUN) shares closed at $13.26 per share.