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LogMeIn, Inc. (NASDAQ: LOGM) Investor Securities Class Action Lawsuit 08/20/2018

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Lawsuit Overview

Case Dismissed
Company
LogMeIn, Inc.
Security
NASDAQ: LOGM

Case Name
LogMeIn Shareholder Class Action Lawsuit 08/20/2018
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

March 18, 2021 - The court dismissed the case.

November 11, 2020 - A second amended complaint was filed.

October 7, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

April 30, 2019 - A motion to dismiss the amended complaint was filed.

March 1, 2019 - An amended complaint was filed.

November 6, 2018 - The case was transferred to the U.S. District Court for the District of Massachusetts.

August 20, 2018 - An investor in shares of LogMeIn, Inc. (NASDAQ: LOGM) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by LogMeIn, Inc. in connection with certain allegedly false and misleading statements made between March 1, 2017 through July 26, 2018. According to the complaint the plaintiff alleges on behalf of purchasers of LogMeIn, Inc. (NASDAQ: LOGM) common shares between March 1, 2017 through July 26, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 1, 2017 through July 26, 2018, the defendants made false and/or misleading statements and/or failed to disclose that LogMeIn’s business practices had negatively impacted renewal rates for certain of its services, 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 Boston, MA based LogMeIn, Inc. provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. LogMeIn, Inc. reported that its annual Total Revenue rose from $336.06 million in 2016 to $989.78 million in 2017 and that its Net Income increased from $2.63 million in 2016 to $99.52 million. Shares of LogMeIn, Inc. (NASDAQ: LOGM) grew from $35.00 per share in early 2016 to as high as $129.00 per share in March 2018. On July 27, 2018, during a conference call with investors, CEO Bill Wagner detailed “executional missteps” related to the company's $1.8 billion merger with GoToMeeting. Specifically, Wagner claimed that customers were not renewing their subscriptions to the suite of corporate videoconferencing tools that LogMeIn acquired from Citrix in February 2017. Shares of LogMeIn, Inc. (NASDAQ: LOGM) declined on July 27, 2018 to as low as $77.05 per share. On August 24, 2018, NASDAQ: LOGM shares closed at $81.90 per share.