An investigation on behalf of current long term investors in Aerohive Networks Inc (NYSE:HIVE) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:HIVE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/21/2015 -- An investigation for investors in NYSE:HIVE share concerning potential breaches of fiduciary duties by certain Aerohive Networks directors and officers was announced.
Investors who are current long term investors in Aerohive Networks Inc (NYSE:HIVE) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:HIVE stocks follows a lawsuit filed recently against Aerohive Networks Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:HIVE stocks, concerns whether certain Aerohive Networks officers and directors are liable in connection with the allegations made in that lawsuit.
According to that 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' 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.
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.
On July 17, 2015, NYSE:HIVE shares closed at $7.57 per share.
Those who purchased shares of Aerohive Networks Inc (NYSE:HIVE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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