A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of A10 Networks Inc (NYSE:ATEN) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on February 10, 2017 and NYSE:ATEN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/13/2017 -- A deadline is coming up on February 10, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of A10 Networks Inc (NYSE:ATEN) in connection with the Company's March 21, 2014 Initial Public Offering (IPO).
Investors who purchased a significant amount of shares of A10 Networks Inc (NYSE:ATEN) in connection with the Company's March 21, 2014 Initial Public Offering (IPO), have certain options and should contact the Shareholders Foundation by email at email@example.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the A10 Networks Inc (NYSE:ATEN) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/a10-networks-inc-nyse-aten-investor-securities-class-action-lawsuit-01292015
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is February 10, 2017. The class action administrator for this case is A.B. Data Ltd.
The lawsuit was filed on behalf of purchasers who purchased of A10 Networks Inc (NYSE:ATEN) securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the IPO on or about March 21, 2014.
The plaintiff alleges that the Registration Statement contained materially misleading information and/or omitted material information, and that it was not prepared in accordance with governing rules and regulations. More specifically the plaintiff alleges that company's registration statement emphasized A10 Networks Inc's purportedly strong on-going sales growth rate without disclosing any then allegedly present downturn in that sales trend.
The plaintiff says that one section of the registration statement allegedly concealed that a significant portion of the 2013 sales growth was due to existing customers exchanging AX series product for the newly rolled out Thunder Series product. However, the plaintiff claims that A10 Networks Inc should have disclosed was that its 2013 sales growth had been substantially augmented by such product conversions, rather than through organic sales to new customers, and this upgrade cycle had largely extinguished itself by the time of the IPO.
The plaintiff claims that the products in the two product families are not interchangeable, and as A10 Networks' Thunder Series product sales increased and AX Series products decreased, A10 Networks Inc built up an inventory of obsolete AX Series product.
The plaintiff says that despite the obsolete AX Series product on its books at allegedly inflated values, A10 Networks Inc took only a partial inventory write-down of $2.6 million at the end of fiscal 2013 and that significant obsolete inventory allegedly remained on A10 Networks' books at allegedly inflated values at the time of the IPO.
Those who purchased shares of A10 Networks Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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