SAN DIEGO & ANDOVER, Mass.–(BUSINESS WIRE)–$CASA #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that a purchaser of Casa Systems, Inc. (NASDAQ:
CASA) has filed a class action complaint against the company for alleged
violations of the Securities Act of 1933 pursuant to its December 2017
initial public offering (“IPO”). Casa Systems provides customers with
software-centric broadband connectivity in North America, Latin America,
the Asia-Pacific, Europe, the Middle East, and Africa.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/casa-systems-inc/
Casa Systems, Inc. Accused of Misleading Investors in IPO
According to the complaint, Casa Systems held its initial public
offering in December 2017 offering 6,000,000 common shares at $13 per
share. Its registration documents stated that new technology initiatives
would allow for a compelling market opportunity and touted the fact that
these initiatives would prompt Casa Systems to experience continued
rapid growth. However, these documents were false and misleading as Casa
Systems failed to disclose material information about the state of its
customers’ spending. In reality, Casa Systems knew its key customers’
spending had entered a “digestion” period that mitigated their
expenditures. On August 14, 2018, Casa Systems announced disappointing
financial results and cut its revenue guidance for the year by $50
million. On this news, Casa Systems stock declined from $15.60 to
$12.08, a drop of almost 23%. Since then, Casa System has continued to
have disappointing financial results and the stock trades at just $5.71,
a decline of 56% from its IPO price.
Casa Systems Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.