NEW
YORK, Aug. 19, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders
of Extreme Networks, Inc. (NASDAQ: EXTR).
Shareholders who purchased shares of EXTR during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/extreme-networks-inc-loss-submission-form/?id=96033&from=4
CLASS PERIOD: July 27, 2022
to January 30, 2024
ALLEGATIONS: The complaint alleges that
during the class period, Defendants issued materially false and/or
misleading statements and/or failed to disclose that: (a) Extreme
was suffering from adverse client demand trends as its clients had
ordered more product from Extreme than needed in the wake of the
COVID-19 pandemic to avoid supply shortages and because of a lack
of alternative sourcing options and thereby had cannibalized their
Class Period purchasing needs; (b) Extreme was increasingly
offsetting these adverse organic demand trends with the fulfillment
of backlog orders in a manner that materially exceeded the
proportion represented to investors; (c) as a result of (a)-(b),
Extreme was drawing down its backlog at a much faster rate than
represented to investors; (d) as a result of (a)-(c), Extreme's
backlog was already decreasing and at a much quicker pace than
defendants' statements to investors that backlog would only "begin
to shrink" in 4Q23 and it would be not until "fiscal '26 when it
really goes back to normal"; (e) as a result of (a)-(d), Extreme's
backlog was not on track to continue increasing to $600 million;
and (f) as a result of (a)-(e) above, defendants had materially
misrepresented Extreme's organic demand, revenue growth, and market
share gains as the fulfillment of Extreme's backlog masked a
decline in organic demand and attendant revenues.
DEADLINE: October 15, 2024
Shareholders should not delay in registering for this class action.
Register your information here:
https://securitiesclasslaw.com/securities/extreme-networks-inc-loss-submission-form/?id=96033&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of EXTR during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is October 15, 2024. There is no cost
or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm