LOS ANGELES, Oct. 02, 2024 (GLOBE NEWSWIRE) — The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to fcruz@frankcruzlaw.com.
Extreme Networks, Inc. (NASDAQ: EXTR)
Class Period: July 27, 2022 – January 30, 2024
Lead Plaintiff Deadline: October 15, 2024
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) that the Company was suffering from adverse client demand trends as its clients had ordered more product from the Company 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; (2) that the Company 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; (3) that, as a result, the Company was drawing down its backlog at a much faster rate than represented to investors; (4) that, as a result, the Company’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”; (5) that, as a result, the Company’s backlog was not on track to continue increasing to $600 million; and (6) that, as a result, defendants had materially misrepresented the Company’s organic demand, revenue growth, and market share gains as the fulfillment of the Company’s backlog masked a decline in organic demand and attendant revenues; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you are an Extreme Networks shareholder who suffered a loss, click here to participate.
PDD Holdings Inc. (NASDAQ: PDD)
Class Period: April 30, 2021 – June 25, 2024
Lead Plaintiff Deadline: October 15, 2024
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) PDD’s applications contained malware, which was designed to obtain user data without the user’s consent, including reading private text messages; (2) PDD has no meaningful system to prevent goods made by forced labor from being sold on its platform, and has openly sold banned products on its Temu platform; (3) the foregoing subjected the Company to a heightened risk of legal and political scrutiny; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you are a PDD Holdings shareholder who suffered a loss, click here to participate.
Sprinklr, Inc. (NYSE: CXM)
Class Period: March 29, 2023 – June 5, 2024
Lead Plaintiff Deadline: October 15, 2024
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Sprinklr had significantly shifted its focus away from proven growth areas to focus aggressively on scaling a new business venture with Contact Center as a Service, resulting in artificially inflated short-term growth; (2) the Company’s projections failed to account for the difficulties in the implementation of scaling the Company’s new product and/or otherwise failed to adequately disclose the fact that the Company at the current time did not have adequate forecasting processes; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you are a Sprinklr shareholder who suffered a loss, click here to participate.
Symbotic Inc. (NASDAQ: SYM)
Class Period: May 6, 2024 – July 29, 2024
Lead Plaintiff Deadline: October 15, 2024
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was not truly equipped to timely deploy their systems or otherwise appropriately manage expenses through project delays; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you are a Symbotic shareholder who suffered a loss, click here to participate.
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To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
