A10 Networks Inc (NYSE: ATEN) Investor Securities Class Action Lawsuit 03/22/2018

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Company Name(s): 
A10 Networks
Case Name: 
A10 Networks Shareholder Class Action Lawsuit 03/22/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: ATEN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/22/2018
Class Period Begin: 
02/09/2016
Class Period End: 
01/30/2018
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
05/21/2018
Summary: 

March 22, 2018 - An investor in shares of A10 Networks Inc (NYSE: ATEN) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by A10 Networks Inc in connection with certain allegedly false and misleading statements made between February 9, 2016 and January 30, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of A10 Networks Inc (NYSE: ATEN) common shares between February 9, 2016 and January 30, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 9, 2016 and January 30, 2018 the defendants made false and/or misleading statements and/or failed to disclose that A10 Networks Inc had issues with its internal controls that required an Audit Committee investigation, that A10 Networks Inc’s revenues since the fourth quarter of 2015 were false due to improper revenue recognition which prompted an investigation by the Company’s Audit Committee, and that as a result, Defendants’ public statements were materially false and misleading at all relevant times.

San Jose, CA based A10 Networks Inc is a provider of software and hardware solutions. A10 Networks Inc reported that its annual Total Revenue rose from $19u8.96 million in 2015 to $230.00 million in 2016 and that its Net loss declined from $40.03 million in 2015 to $20.94 million in 2016.

On January 16, 2018, A10 Networks Inc announced its preliminary results for the fourth quarter of 2017. Lee Chen, President and CEO, stated: “We are disappointed with our revenue results for the quarter, which were below our guidance primarily due to a shortfall in North America sales as we experienced lower than expected seasonal demand trends in the region.”

Then on January 30, 2018, A10 Networks Inc announced it was postponing its 2017 fourth quarter and full year earnings announcement and conference call after determining that a “mid-level employee within its finance department had violated the Company’s Insider Trading Policy and Code of Conduct.”