A lawsuit was filed by a current investor in Extreme Networks, Inc (NASDAQ:EXTR) shares over alleged breaches of fiduciary duty by certain officers and NASDAQ:EXTR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/14/2016 -- The Shareholders Foundation announced that a current investor in shares of Extreme Networks, Inc (NASDAQ:EXTR) filed a lawsuit against certain directors of Extreme Networks over alleged breaches of fiduciary duties.
Investors who are current long term investors in Extreme Networks, Inc (NASDAQ:EXTR) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The lawsuit against certain directors over alleged breaches of fiduciary duties comes after a lawsuit was filed against Extreme Networks over alleged securities laws violations. According to that complaint the plaintiff alleges that the defendants issued allegedly false and/or misleading statements and/or allegedly omitted adverse information concerning Extreme Networks' current financial condition and outlook for fiscal 2015, including, among other things, that Extreme Networks' revenue growth depended on the successful integration of Enterasys Networks, Inc., which Extreme Networks had acquired in 2013 but had not successfully integrated, which materially impaired the Company's ability to address persisting sales problems.
In addition, the plaintiff alleges that Extreme Networks had begun an alliance with Lenovo, but between November 4, 2013 and April 9, 2015 defendants did not have sufficient visibility into Lenovo's server business plans to support the Company's quarterly and fiscal 2015 financial forecasts.
The plaintiff says that as a result of these misrepresentations and/or omissions, Extreme Networks' stock traded at artificially inflated prices between November 4, 2013 and April 9, 2015, reaching a high of $8.14 per share in intraday trading on January 23, 2014.
Those who purchased shares of Extreme Networks, Inc have certain options and should contact the Shareholders Foundation.
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