Period: Oct 27, 2016 to Jan 17, 2017
Lead Plaintiff Deadline: Mar 28, 2017 + Deadline passed
Summary of Case:
A securities class action has been filed against Gigamon Inc. ("Gigamon") on behalf of persons and entities that acquired Gigamon securities between October 27, 2016 to January 17, 2017. This case has been filed in the USDC - California (Northern).
The Complaint alleges that throughout the Class Period, the 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: (1) that Gigamon was experiencing reduced product bookings in its North America West region; (2) that several of the Company's significant customers were deferring purchasing decisions into 2017; (3) that the Company failed to properly include these trends in its financial guidance; and (4) that, as a result of the foregoing, Defendants' statements about Gigamon's business, operations, and prospects, including statements about its revenue guidance, were false and misleading and/or lacked areasonable basis.
On January 17, 2017, the Company issued a press release entitled "Gigamon Announces Preliminary Fourth Quarter and Fiscal Year 2016 Results." On this news, the price of Gigamon common stock fell $12.65 per share, or 28.7%, to close at $31.40 per share on January 18, 2017, on unusually heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.