LogMeIn, Inc. (NASDAQ: LOGM) Investor Securities Class Action Lawsuit 08/20/2018

If you purchased a significant amount of shares of LogMeIn, Inc. (NASDAQ: LOGM) between March 1, 2017 through July 26, 2018, and / or if you purchased any NASDAQ: LOGM shares prior to March 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 19, 2018. NASDAQ: LOGM investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
LogMeIn
Case Name: 
LogMeIn Shareholder Class Action Lawsuit 08/20/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: LOGM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/20/2018
Class Period Begin: 
03/01/2017
Class Period End: 
07/26/2018
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
10/19/2018
Summary: 

An investor in shares of LogMeIn, Inc. (NASDAQ: LOGM) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by LogMeIn, Inc. in connection with certain allegedly false and misleading statements made between March 1, 2017 through July 26, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of LogMeIn, Inc. (NASDAQ: LOGM) common shares between March 1, 2017 through July 26, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 1, 2017 through July 26, 2018, the defendants made false and/or misleading statements and/or failed to disclose that LogMeIn’s business practices had negatively impacted renewal rates for certain of its services, and that as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages

Boston, MA based LogMeIn, Inc. provides a portfolio of cloud-based communication and collaboration, identity and access, and customer engagement and support solutions. LogMeIn, Inc. reported that its annual Total Revenue rose from $336.06 million in 2016 to $989.78 million in 2017 and that its Net Income increased from $2.63 million in 2016 to $99.52 million.

Shares of LogMeIn, Inc. (NASDAQ: LOGM) grew from $35.00 per share in early 2016 to as high as $129.00 per share in March 2018.

On July 27, 2018, during a conference call with investors, CEO Bill Wagner detailed “executional missteps” related to the company's $1.8 billion merger with GoToMeeting.

Specifically, Wagner claimed that customers were not renewing their subscriptions to the suite of corporate videoconferencing tools that LogMeIn acquired from Citrix in February 2017.

Shares of LogMeIn, Inc. (NASDAQ: LOGM) declined on July 27, 2018 to as low as $77.05 per share.

On August 24, 2018, NASDAQ: LOGM shares closed at $81.90 per share.